Economy added 227,000 positions last month, slightly more than forecast
The S&P 500 and Nasdaq Composite rallied and were poised to set new records after data showed hiring rebounded in November.
The latest nonfarm payrolls report suggested the labor market remains in decent health—but not strong enough to deter the Federal Reserve from cutting rates later this month.
A total of 227,000 positions were created in November, topping expectations for 214,000 new jobs. Unemployment edged up to 4.2%, the Bureau of Labor Statistics said, matching consensus forecasts.
Bonds yields and the dollar slipped, while stock indexes advanced.
The reading, the last before the Fed's December policy meeting, solidified expectations for a quarter-point rate cut. Fed Chair Jerome Powell has said the economy is looking better, which means policymakers can take their time cutting rates.
Source: wsj.com
