The U.S. November employment report is scheduled for release this Friday, with economists from Bank of America urging investors to closely monitor growth rates over the preceding two months. This advisory comes amidst concerns regarding potential significant revisions to the October data. A recent survey by The Wall Street Journal predicts that the U.S.
non-farm payrolls for November are set to reveal an increase of 214,000 jobs, which marks a considerable rise from the mere 12,000 jobs added in October. Furthermore, Bank of America anticipates that the figure may exceed 240,000, largely due to recent hurricanes and a strike at Boeing. The labor force participation rate is also expected to experience a rebound, which may result in a slight uptick in the unemployment rate from 4.1% to 4.2%, consistent with The Wall Street Journal's predictions.
Additionally, Bank of America highlighted that while there was an initial surge in unemployment claims attributable to the hurricanes, these figures have since diminished, showcasing a rapid economic recovery. This observation indicates that the labor market is robust and demonstrates a remarkable ability to recover swiftly from temporary disruptions..