PHILADELPHIA (KYW Newsradio) — The U.S. labor market keeps chugging along. And economists are waiting to see what happens with interest rates when the Federal Reserve meets later this month. Economist David Fiorenza digs into the most recent numbers.
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On Friday, the U.S. Bureau of Labor Statistics reported that the economy added 263,000 jobs in November. The unemployment rate remained at 3.7%.
Most job gains were in leisure and hospitality, health care and government. There was a decline in retail trade, transportation and warehousing.
“I’m happy to see these numbers in November,” Fiorenza said. “We’re holding steady with the unemployment rate at 3.7%.”
The Federal Reserve is slated to meet in late December, and many are waiting to see what may happen with the interest rate.
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With signs of inflation at least cooling off, rates might not be so aggressive this time around, Fiorenza said.
“The fact that they’ve increased interest rates three-quarters of a percent multiple times this year, we’re now seeing the fact that mortgage rates have really declined a lot. I think they’ve reached their peak.”