Employers in the U.S. added 223,000 jobs last month, evidence that the economy remains healthy even as the Federal Reserve rapidly raises interest rates in an attempt to slow economic growth and the pace of hiring.
VIDEO: Hiring spree continues as employers add 263,000 jobs in NovemberWith companies continuing to add jobs across the economy, the unemployment rate fell from 3.6% to 3.5%, matching a 53-year low, the Labor Department said Friday.
Traders on Wall Street appeared encouraged by the jobs report’s suggestion of milder pay growth. Stock prices rose sharply. Though the Fed’s higher rates have begun to cool inflation from its summertime peak, they've also made mortgages, auto loans and other consumer and business borrowing more expensive.
Retailers added 9,000, transportation and warehousing companies nearly 5,000. Construction companies added 28,000 — a surprisingly large gain considering that higher borrowing rates are dragging down residential and commercial real estate.
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