Economists are predicting that the jobs report for November will show a net gain of 180,000 jobs. However, employers are becoming more cautious and reducing job postings and hiring. This cautiousness is reflected in the federal jobs reports, which show moderate employment growth compared to the high gains seen earlier in the pandemic recovery. In October, 150,000 jobs were added and the unemployment rate increased to 3.9%. The expected jobs report for November is also anticipated to show employment growth of 180,000 positions and a steady jobless rate of 3.9%. The return of striking autoworkers and actors to the workforce may boost these numbers. The labor market is currently in a wait-and-see state, and the report could provide insights into whether it is returning to a more balanced and steady state or cooling more rapidly than expected. Job cuts remain higher than in the past decade, but layoffs are not increasing significantly. Despite the modest growth, the US labor market is well-positioned for future improvement, but high interest rates are holding it back. Many investments are not reaching their potential until interest rates decrease. Employers expect business activity to pick up in the latter half of 2024, assuming inflation continues to decrease and the Federal Reserve starts cutting rates.
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