WASHINGTON, Dec 3 — US employers likely stepped up hiring in November as they scrambled to meet strong demand for goods and services, giving the economy a strong boost as another challenging year draws to a close, though worker shortages remained a constraint.
Nonfarm payrolls likely increased by 550,000 jobs last month after rising 531,000 in October, according to a Reuters survey of economists. That would leave employment about 3.7 million jobs below its peak in February 2020. Estimates ranged from as low as 306,000 to as high as 800,000 jobs. “No company wants to hire more labour if there isn’t going to be a demand for that labour,” said David Wagner, portfolio manager at Aptus Capital Advisors in Cincinnati, Ohio.
The Conference Board’s labour market differential — derived from data on consumers’ views on whether jobs are plentiful or hard to get — jumped to a record high in November.The anticipated drop in the unemployment rate to 4.5 per cent from 4.6 per cent in October would leave the jobless rate down 1.8 percentage points from January. There were 10.4 million job openings at the end of September.
Economists say a strong stock market and rising house prices have increased wealth for many Americans, encouraging early retirements. Households have also accumulated massive savings and there has been a surge in self-employment.
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