U.S. job creation slowed in November, although not as badly as anticipated by most economists, confirming expectations of cooling economic growth, the Labor Department said Dec. 7. The economy generated 94,000 new jobs in November after creating 170,000 posts in October, but hiring was stronger than most analysts had forecast.
Economists had expected hiring in November would slow to around 70,000 new positions.
The manufacturing sector lost 11,000 jobs, while the goods-producing sector lost 33,000 positions. The professional and business services sector generated 30,000 new positions. Government hiring swelled payrolls by 30,000 new posts while the education and health services industries created 28,000 positions.
Economists say the world's largest economy needs to create between 110,000 and 140,000 posts a month to absorb new labor market entrants, so November's reading appeared lackluster.
The national unemployment rate remained unchanged at 4.7%.
Copyright Agence France-Presse, 2007