U.S. job growth likely accelerated in November as former striking workers return...
WASHINGTON - U.S. job growth likely accelerated in November as former striking workers returned to General Motors’ payrolls, which would confirm that the economy remained on a moderate expansion path despite a prolonged manufacturing slump.
The report would validate the Federal Reserve’s decision last month to cut interest rates for the third time this year, but signal a pause in the easing cycle that started in July when it reduced borrowing costs for the first time since 2008. U.S. central bank policymakers are expected highlight the economy’s resilience when they meet on Dec.10-11.
The 40-day strike by about 46,000 workers at GM plants in Michigan and Kentucky restricted employment gains to 128,000 jobs in October. Employment growth has averaged 167,000 per month this year. Though Washington and Beijing are working on a “phase one” trade deal, the United States has ratcheted up tensions with other trade partners including Brazil, Argentina and France. President Donald Trump said on Thursday the U.S. was having meetings and discussions with China “that are going well.”Economic growth estimates for the fourth quarter are converging around a 1.8% annualized rate. The economy grew at a 2.1% pace in the third quarter.
Though the labor market has been resilient despite the business investment downturn, hiring has slowed from last year’s average monthly gain of 223,000 because of ebbing demand and a shortage of workers. The government has said it could cut job growth for the 12 months through March 2019 by at least 500,000 when it publishes its annual revision next February.
The tight labor market is a generating steady wage gains, which last month likely received a boost from a calendar quirk. Average hourly earnings after forecast increasing 0.3% in November after rising 0.2% in October. That would keep the annual increase in wages at 3.0% in November.
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