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Expand chart
Data: Bureau of Labor Statistics; Chart: Axios Visuals

The U.S. economy added 155,000 jobs in November, less than the 195,000 expected, while the unemployment rate held at 3.7%, a half-century low, the Labor Department said on Friday. Wages grew 3.1% year-over-year — the same pace as in October.

Between the lines: The job market remains strong, but the pace of job growth slowed in November as compared to the average monthly gain of 209,000 jobs in the past year. However, as Justin Wolfers, an economics professor at the University of Michigan points out, "this pace of expansion is more likely sustainable."

The details:

  • Health care, manufacturing, transportation and warehousing saw strong job gains.
  • October's job gains were revised lower to 237,000 from 250,000, while September's employment gains were revised higher by 1,000 jobs.
  • The labor force participation rate — the percentage of workers 16 and older who are working or looking for work — was unchanged in November.
  • November marks the 98th consecutive month of job gains.

Bottom line: The jobs report is good news for investors who fear the economy may be overheating, which would make the case for more rate hikes stronger. In early trading, stocks pared their losses after the release of the jobs report.

Go deeper

24 mins ago - Health

Johnson & Johnson says booster shot increases efficacy of COVID vaccine

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Johnson & Johnson said in a press release Tuesday a global study showed that the protection offered by its coronavirus vaccine was strengthened by a booster shot.

Why it matters: While J&J has not formally applied for authorization to offer booster shots to the general public, it said it has shared the results of the study with the Food and Drug Administration and plans to share it with the World Health Organization and other health regulators.

1 hour ago - World

U.K. prosecutors charge third person in poisoning of former Russian spy

Emergency services members in biohazard encapsulated suits encasing the poisoning scene in a tent in Salisbury, England, in March 2018. Ben Stansall/AFP via Getty Images

U.K. prosecutors said they had enough evidence to charge Denis Sergeev, a member of the Russian military intelligence service, in the 2018 Salisbury nerve agent attack against a former Russian spy, according to AP.

Why it matters: Sergeev is the third person to face charges for the nerve agent attack against Sergei Skripal and his daughter, Yulia, both of whom survived.

2 hours ago - Technology

Scoop: More boycotts coming for Facebook

Illustration: Sarah Grillo/Axios

Leaders of the Stop Hate For Profit social media boycott group are discussing whether to organize another campaign against Facebook in light of an explosive investigative series from the Wall Street Journal, Common Sense CEO Jim Steyer tells Axios.

The intrigue: Sources tell Axios that another group, separate from the Stop Hate For Profit organization, is expected to launch its own ad boycott campaign this week.