STREAMING NOW: Watch Now

US economy added 155,000 jobs in November

The November jobs report was weaker than expected but still a sign of a strong labor market. CNN's Christine Romans reports.

Posted: Dec 7, 2018 8:44 PM
Updated: Dec 7, 2018 9:06 PM

Americans got another positive jobs report on Friday -- but it was full of warning signs that the economy is beginning to stutter.

The US economy added 155,000 jobs in November, the Labor Department reported Friday. That's fewer than expected, but the unemployment rate remained steady at 3.7%.

October's jobs numbers were also revised down slightly, to put the monthly average over the past year at about 204,000 jobs, and the average over the last quarter at 170,000.

The report is a sign of a slowing but still strong labor market — and further support for the idea that the Federal Reserve may hold off hiking interest rates over the next year as quickly or as much as initially planned.

That's reassuring to investors who had been worried that the Fed would move too fast to cool off an already decelerating economy.

"My reaction is a sigh of relief," said Leo Grohowski, chief Investment Officer at BNY Mellon Wealth Management. "I think a mild miss is more than acceptable in order to help the Fed understand that multiple rate increases may not be warranted for 2019."

Markets have been in turmoil in recent weeks amid continued uncertainty about Trump's ability to end his trade war with China, as well as over his ability to sell Congress on his replacement for the North American Free Trade Agreement. The President last weekend threatened to terminate the 1994 deal, which would create a six-month window for Congress to ratify the new deal, known as the US-Mexico-Canada Agreement, or risk having no deal at all.

Most economists have been projecting a slowdown in 2019 as the effects of tax cuts and government spending wear off, turning into a recession sometime in 2020. The current expansion is only seven months away from being the longest period of positive job growth since the 1850s.

The missing ingredient, however, has been wage growth — and that looks like it's beginning to change. Paychecks grew by 3.1% over the last year, a relatively robust number that is in line with expectations as employers have had to fight to attract workers in recent months.

The percentage of people participating in the labor force remained the same and the median number of weeks people remained unemployed dropped from 9.4 to 8.9 weeks in November, suggesting that people are getting jobs more quickly after losing them.

However, the number of people "marginally attached" to the labor force — those who had looked for a job in the past year but stopped in the past month because they couldn't find one — has risen by nearly 200,000 over the past year. The percentage of people working part time who would rather work full time also rose slightly.

Despite high demand for workers in some sectors, that may show that people who want jobs increasingly aren't in the places where employers need them — and that the economy still has room to expand before running out of workers entirely. Also, the number of people holding part-time jobs in addition to their full-time jobs has been rising, and is now above its pre-recession high.

The retail sector, which is readying for a very busy holiday season, saw surprisingly anemic employment growth. New jobs in general merchandise stores were offset by losses in clothing, electronics, and sporting goods stores.

The strongest job growth came in health care, transportation and warehousing, and manufacturing, which added another 27,000 jobs for 288,000 total growth over the past year. Tariffs and fears of a larger trade war may not be having a huge positive impact, but they're definitely not choking the sector either.

"I think the narrative has turned quite negative on the economy, part of that driven by trade and tariffs," Grohowski said. "And we're not hearing that from the CEOs and CFOs we're talking to."

Indiana Coronavirus Cases

Data is updated nightly.

Cases: 295357

Reported Deaths: 5305
CountyCasesDeaths
Marion40796844
Lake25864448
Allen17025289
Elkhart16389209
St. Joseph16125217
Hamilton12225163
Vanderburgh9218112
Tippecanoe807627
Porter770176
Johnson5971161
Hendricks5719154
Vigo563274
Monroe519846
Clark486774
Delaware4721103
Madison4651119
Kosciusko437339
LaPorte436792
Howard321375
Warrick309072
Floyd301177
Bartholomew296262
Wayne292261
Cass291231
Marshall283642
Grant254147
Noble244246
Hancock238949
Henry234136
Boone231754
Dubois229230
Dearborn204629
Jackson200033
Morgan196043
Gibson171622
Knox170715
Clinton170420
Shelby170453
Lawrence169246
DeKalb168428
Adams160019
Miami150414
Daviess149143
Wabash148118
Fayette141233
Steuben139713
LaGrange135127
Jasper134911
Harrison134624
Montgomery127926
Whitley127410
Ripley121414
Decatur119842
Posey116613
Putnam115626
Wells115427
Huntington115210
White115221
Randolph114619
Clay111821
Jefferson110314
Scott97918
Greene97553
Jay93012
Starke87021
Sullivan85515
Perry80521
Spencer7957
Jennings79114
Fulton78717
Fountain7257
Washington6966
Carroll65313
Orange64828
Franklin63525
Owen5676
Vermillion5662
Newton53412
Parke5296
Tipton52826
Blackford50011
Rush5006
Pike49618
Pulaski36410
Martin3425
Brown3153
Benton3101
Crawford2711
Union2551
Switzerland2453
Warren2272
Ohio2227
Unassigned0265

Ohio Coronavirus Cases

Data is updated nightly.

Cases: 351419

Reported Deaths: 5996
CountyCasesDeaths
Franklin48389665
Cuyahoga34096734
Hamilton28674371
Montgomery19082225
Butler14138144
Lucas13446406
Summit12431309
Stark8122197
Warren770375
Mahoning6772299
Lake625466
Lorain590297
Clermont541946
Delaware521435
Licking506275
Fairfield505163
Trumbull4969144
Greene489662
Clark486664
Marion451451
Allen446384
Wood4243107
Medina413354
Miami398565
Pickaway387948
Columbiana328496
Portage323171
Wayne303593
Tuscarawas299557
Richland293929
Mercer281237
Ross234559
Hancock225336
Muskingum223610
Auglaize218925
Putnam218649
Darke208058
Erie205565
Ashtabula204753
Geauga189451
Scioto186713
Lawrence181336
Athens17954
Union17928
Shelby176715
Seneca165018
Belmont151529
Madison151018
Sandusky144427
Preble143821
Huron139218
Holmes137039
Defiance131121
Knox118818
Logan118313
Fulton117225
Ottawa114730
Crawford114216
Washington112427
Clinton100314
Williams9938
Jefferson9894
Ashland98322
Highland96317
Henry94422
Brown9324
Champaign8935
Jackson87312
Fayette86617
Van Wert8596
Morrow8312
Hardin82518
Guernsey79213
Coshocton78813
Perry73312
Pike7081
Adams70611
Wyandot68916
Gallia68113
Paulding61710
Hocking58511
Noble56121
Carroll41610
Meigs36312
Monroe29921
Morgan2342
Vinton2075
Harrison1823
Unassigned00
Fort Wayne
Clear
32° wxIcon
Hi: 46° Lo: 29°
Feels Like: 32°
Angola
Clear
30° wxIcon
Hi: 44° Lo: 27°
Feels Like: 30°
Huntington
Clear
32° wxIcon
Hi: 44° Lo: 30°
Feels Like: 32°
Decatur
Clear
32° wxIcon
Hi: 46° Lo: 31°
Feels Like: 32°
Van Wert
Clear
32° wxIcon
Hi: 46° Lo: 30°
Feels Like: 32°
Snow/Rain Showers Tuesday
WFFT Radar
WFFT Temperatures
WFFT National

Community Events