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November jobs report: 

Payrolls rise by 263,000, 

unemployment rate holds at 3.7%

Alexandra Semenova

·Reporter

Fri, December 2, 2022 

Job growth slightly abated in November alongside rising interest rates but reflected stronger-than-expected hiring momentum, even as worries of a recession grow.

The Labor Department released the monthly jobs report for November at 8:30 a.m. ET on Friday. Here are the highlights, compared to Wall Street estimates compiled by Bloomberg:

• Non-farm payrolls: +263,000 vs. +200,000 expected

• Unemployment rate: 3.7% vs. 3.7% expected

• Average hourly earnings, month-over-month: +0.6% vs. +0.3% expected

• Average hourly earnings, year-over-year: +5.1% vs. +4.6% expected

Stock futures tumbled after the report's release, as Wall Street digested the potential implications of the employment beat and stronger-than-expected wage growth.

The numbers will likely reinforce the Federal Reserve's campaign to raise interest rates, even as it prepares to slow the pace of those hikes at its meeting in December.

(This post is breaking. Please check back for updates.)

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Alexandra Semenova is a reporter for Yahoo Finance. Follow her on Twitter @alexandraandnyc