Job Market Resurgence Post-Hurricane Setback

The US job market saw a significant rebound in November after a downturn in October, influenced by hurricanes and strikes. Job additions are projected to be around 208,000, and the unemployment rate remained low. The economic resilience is highlighted by continued consumer spending and moderate wage growth.

Hiring in the United States is believed to have bounced back last month, following a reduction in job growth in October due to hurricanes and strikes. The Labour Department's report is expected to reveal that employers added approximately 208,000 jobs in November, a substantial increase from October's minimal growth.

Forecasters attribute October's reduced hiring to temporary weather disruptions and industrial strikes. Economist Nancy Vanden Houten predicts that the return of many workers to payrolls in November boosted job numbers significantly, coupled with the resolution of major strikes in the aerospace sector.

Amid high interest rates and inflationary pressures, the US economy continues to demonstrate resilience. Employment remains stable with a low unemployment rate of 4.1%, and the economy experienced a 2.8% growth rate between July and September, driven by robust consumer spending.

(With inputs from agencies.)