US Nonfarm payrolls surged in Nov. 2024

Manufacturing payrolls increased by 22K, though below expectations of 28K, recovering from a -48K drop in October. The unemployment rate matched forecasts at 4.2%, up from 4.1%, while the broader U6 rate increased to 7.8%. In line with prior data, average hourly earnings rose 4.0% YoY, and average weekly hours increased to 34.3. The participation rate slightly declined to 62.5%, reflecting mixed but overall resilient labor market conditions.