Jobs report falls short
The U.S. economy added 155,000 jobs, less than the 200,000 job estimate. The data also fell short of the blowout month in October.
The unemployment rate held steady at 3.7 percent, the lowest rate in nearly 50 years.
Josh Wright, chief economist of software company iCIMS, told FOX Business ahead of the report, that retailers will likely struggle to fill roles because of the labor market, particularly in retail.
“Job openings in the retail industry rose nearly 5% in a month when they normally decline (and did in fact decline in the other 4 industries we track), before seasonal adjustments,” he said in an email.
Private sector employment increased by 179,000 jobs in November, according to the ADP National Employment report, missing analyst expectations of 195,000 jobs. The lower-than-expected number is likely a result of an increasingly tight labor market and a record number of unfulfilled positions, according to Moody’s chief economist Mark Zandi.