U.S. adds 263,000 jobs in November - beating economist expectations trends now
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The U.S. added 263,000 jobs in November, beating economist expectations of 200,000 and despite Federal Reserve rate hikes.
The unemployment rate also stayed held steady from October at 3.7 percent, the Labor Department reported on Friday.
The report is good news for President Biden with the economy still battling inflation and amid mounting recession fears.
There also also been a wave of layoffs in the tech industry with massive firms such as Amazon announcing hiring freezes.
Media companies such as CNN and the Washington Post have also been letting staff go in the stark economic climate.
DoorDash also said it would reduce corporate staff by 1,250 and AMC Networks said it would lay off 20 percent of the workforce.
The U.S. added 263,000 jobs in November, beating economist expectations of 200,000 and despite Federal Reserve rate hikes
Economists are concerned the trend of layoffs could continue next year with a potential recession on the horizon.
Federal Reserve chairman Jerome Powell earlier this week said that in December rates were likely to rise by 0.5 percent, following four 0.75 percent increases.
The encouraging jobs data could raise expectations that the Fed may have to maintain high rates longer as it seeks to battle high
