US employers added more jobs than forecast for the month of November, complicating the Federal Reserve's intentions to scale back its interest-rate increases.
Total non-farm payroll employment increased by 263,000 last month, the US Labour Department said in a report on Friday. Job gains for October were revised from 261,000 to 284,000. The unemployment rate remained at 3.7 per cent.
A Bloomberg survey of economists had forecast payrolls increasing 200,000.
Average hourly earnings rose 0.6 per cent. That raised the average hourly earnings from the last 12 months to 5.1 per cent.
Stock futures fell following Friday's report as traders expected more aggressive actions from the Federal Reserve.
A softening of the US labour market is needed for the inflation to cool in the US, currently at 7.7 per cent, Fed Chair Jerome Powell has maintained.
Saying the labour market is only showing “tentative signs of returning to balance”, he said wage growth remains too high. And the labour market remains tight with 1.7 jobs available for every unemployed person in the country.
The labour market is “too great”, he said on Wednesday, because it will head to inflation.
Friday's report likely suggests the Fed will continue to tighten its monetary policy through next year.
Mr Powell said the central bank could scale back the size of its interest-rate increases “as soon as December” after raising it to between 375 and 400 basis points since March.
Traders anticipate the central bank to announce a new interest-rate increase of 50 basis points when the Federal Open Market Committee next meets on December 13-14.
Bloomberg contributed to this report.
Milestones on the road to union
1970
October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar.
December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.
1971
March 1: Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.
July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.
July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.
August 6: The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.
August 15: Bahrain becomes independent.
September 3: Qatar becomes independent.
November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.
November 29: At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.
November 30: Despite a power sharing agreement, Tehran takes full control of Abu Musa.
November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties
December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.
December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.
December 9: UAE joins the United Nations.
UAE currency: the story behind the money in your pockets
AI traffic lights to ease congestion at seven points to Sheikh Zayed bin Sultan Street
The seven points are:
Shakhbout bin Sultan Street
Dhafeer Street
Hadbat Al Ghubainah Street (outbound)
Salama bint Butti Street
Al Dhafra Street
Rabdan Street
Umm Yifina Street exit (inbound)
WOMAN AND CHILD
Director: Saeed Roustaee
Starring: Parinaz Izadyar, Payman Maadi
Rating: 4/5
