Another good jobs report. We added 263k jobs in November. Far above expectations of 200k. Still a strong labor market.
Slower jobs growth than the high rate during 2021, but above average for the pre-pandemic period.
Unemployment was unchanged at 3.7%. Labor force participation was essentially unchanged as well.
No signs of an imminent recession from the perspective of employment. The labor market is cooling, but not significantly. It will be interesting what this month's CPI release is like.
Updating this chart that has the six economic indicators that the NBER uses to determine a recession after today's employment updates. Three of the six indicators are at yearly highs. Only one indicator is slightly below the January anchor. Four of the six indicators are currently increasing.
I mentioned previously that the two employment indicators are measuring employment two different ways (one from the payroll side and one from the household side) and have different definitions and measurement error, which is why they have different levels here.
The blue employment indicator tends to be more accurate.