🚀 US adds 227k jobs in November

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Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. Nonfarm payrolls in November surged by 227,000, exceeding the expected 214,000 and rebounding from October's revised 36,000 amid receding effects of storms and strikes. Notable job gains occurred in health care (+54,000), leisure and hospitality (+53,000), and government (+33,000), while retail lost 28,000 jobs. Average hourly earnings rose 0.4% month-over-month and 4% year-over-year, fueling speculation of a Fed rate cut, with market odds now above 88% for a rate cut in December.

2. The U.S. unemployment rate edged up to 4.2% in November, but Black women experienced a significant jump to 6%, up from 4.9% in October, marking the steepest rise among demographic groups. Similarly, the overall unemployment rate for Black workers climbed to 6.4%, with Black men’s jobless rate reaching 6% and labor force participation rates for both groups also declining. In contrast, unemployment among white women and men saw minimal increases. The labor market, while cooling, still remains strong historically but is delivering fewer gains for marginalized workers, reflecting lingering inequities as post-pandemic recovery slows.

3. A federal appeals court upheld a law mandating ByteDance to divest TikTok by January 19, 2025, or face a U.S. ban, citing national security concerns over the app's ties to the Chinese government. The court dismissed TikTok's claims that the law infringes on First and Fifth Amendment rights, emphasizing bipartisan support and the narrow scope of the legislation. TikTok plans to appeal to the Supreme Court, arguing the ban is unconstitutional censorship affecting 170 million U.S. users. Critics, including the ACLU, warn the ruling sets a dangerous precedent, while President-elect Trump’s stance remains unclear amid potential conflicts of interest with TikTok investors.

4. Headlines

   1. Elon Musk and Vivek Ramaswamy held meetings with Republican lawmakers looking at where to cut spending. Most Republicans claim it can’t be done without cutting Social Security, Medicare and Medicaid.

   2. Companies are increasingly reporting soft skills are more important in the hiring process than hard skills.

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Liam Gill