The federal report on the job market in November has significantly surpassed expectations, keeping the year’s average of jobs added per month well into the hundreds of thousands, even as worldwide inflation — and Republican predictions of catastrophe — have lingered.
Jobs in the general category of nonfarm payrolls increased by 263,000 last month, which easily surpasses the expectation of 200,000 from economists surveyed by Dow Jones. The overall unemployment rate also stayed low at 3.7 percent, which was unchanged from the level reported earlier for the prior month. These numbers also contrast with interest rate hikes from the Federal Reserve meant to combat inflation on the assumption it’s connected to high demand and increases in wages, although there have also been other factors, like difficulties in obtaining supply. Oil-producing countries like Russia remain broadly able to exert some control over some prices by restricting or expanding supply, although the Biden administration has employed the Strategic Petroleum Reserve in the U.S. to stabilize costs, releasing some of its stocks and unveiling plans to bulk up its stores.
The U.S. began distancing itself from Russian energy supplies after Putin invaded Ukraine in February. In general, Biden and his team have also repeatedly undertaken legislative initiatives to rather directly support the job market, whether that’s the bipartisan infrastructure agreement for which the implementation around the country remains ongoing or a boost to U.S. exporters with legislation pushing for cargo ships traveling from the country to carry U.S. supplies instead of sailing largely empty. The bill will “Stop international ocean carriers from unreasonably declining American cargo, as determined by the [Federal Maritime Commission] in new required rulemaking,” a Senator’s June press release said.
The Inflation Reduction Act, which was passed in Congress and signed into law with only Democratic support, also contains tax benefits promoting the adoption of clean energy and electric vehicles, and other legislation has boosted the U.S. tech industry, which furthered the strategically significant goal of self-reliance in defense-critical fields.
Job creation throughout the Biden administration has been consistently robust, as employers have continued to rebound from the initially devastating onset of the COVID-19 pandemic — although key industries including some of those responsible for last month’s job growth have already hit their particular pre-pandemic levels. “Folks, we got another strong jobs report for November,” Biden said Friday. “263,000 jobs were added last month, and our unemployment remains near record lows. That’s big. This comes after news that inflation is moderating, our economy is growing at a strong pace, gas prices are down, and GDP is up.”
Folks, we got another strong jobs report for November.
263,000 jobs were added last month, and our unemployment remains near record lows. That's big.
This comes after news that inflation is moderating, our economy is growing at a strong pace, gas prices are down, and GDP is up.
— President Biden (@POTUS) December 2, 2022
