November jobs report expected to show hiring rebound, unemployment hold steady at 4.1%

Published On Dec 5, 2024, 2:41 PM

The upcoming November jobs report is anticipated to show a significant rebound in hiring, with expectations for nonfarm payrolls to increase by 215,000 after a disappointing addition of only 12,000 jobs in October, which was affected by various disruptions, including hurricanes and a Boeing strike. The unemployment rate is expected to remain steady at 4.1%. Analysts at Goldman Sachs attribute the rebound to the recovery from hurricane impacts and the end of worker strikes. Recent labor market data indicate a modest pace of hiring and a slight uptick in job openings, suggesting a still-tight labor market.

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Stock Forecasts

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Positive

The expected rebound in hiring coupled with stable unemployment suggests a resilient labor market, which can positively impact consumer spending and economic growth. This outlook may support market confidence and could lead to stock price increases in sectors sensitive to employment figures, such as consumer discretionary.

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Negative

If the report falls short of expectations, particularly with weaker wage growth or less job creation, it may lead to market uncertainty and a negative impact on stocks, especially those in the consumer sector.

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