Jobs Report Is Out, and Market Isn't Happy

Hiring was stronger than expected, which will likely worry the Fed in regard to inflation
By John Johnson,  Newser Staff
Posted Dec 2, 2022 7:55 AM CST
Jobs Report Comes In Much Stronger Than Expected
A hiring sign displayed at a store in Northbrook, Ill.   (AP Photo/Nam Y. Huh)

The new jobs report is out, and it came in stronger than expected despite the Fed's continued rate hikes. But in the good-news-is-bad-news nature of the market, Dow futures immediately fell because investors fear the robust hiring will keep the Fed on track to keep those rate hikes coming. Details:

  • Jobs: Employers added 263,000 jobs in November, well above expectations of 200,000. The figure is down only slightly from October's revised figure of 284,000, reports the AP.
  • Rate: The unemployment rate remained at the historically low rate of 3.7%, per the Wall Street Journal.
  • Wage growth: Average hourly earnings rose 0.6% from October, roughly twice as much as expected, per CNBC. That will likely be another worrying sign on inflation in the eyes of the Fed. Wages also were up 5.1% compared to last year, also above expectations of 4.6%.

  • Stock market: Dow futures fell more than 400 points as soon as the report came out, reports CNBC. Futures for the Dow and the benchmark S&P were down more than 1%, and futures for the tech-heavy Nasdaq fell more than 2%.
(More unemployment rate stories.)

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