03:21 PM EST, 12/06/2024 (MT Newswires) -- The November employment report was mixed, with payrolls and earnings growth stronger than expected, but with an uptick in the unemployment rate.

Nonfarm payrolls rose by 227,000 in November after a hurricane-impacted 36,000 gain in October and a 255,000 increase in September, both revised higher from their previous estimates. Private payrolls rose by 194,000, below expectations and following a 2,000-jobs decline in October.

Health care and social assistance jobs rose by 72,300, and leisure and hospitality payrolls increased by 53,000, while retail trade payrolls fell by 28,000.

The unemployment rate rose to 4.2% from 4.1% in October, with the details showing a decrease in the size of the labor force due to a drop in the number of employed in the household survey and a decline in labor force participation.

Average hourly earnings were up 0.4% in November, the same as in the previous month, keeping the year-over-year rate at 4%.

The preliminary University of Michigan Sentiment index rose to 74.0 in December from 71.8 in November, hitting its highest point in seven months. According to Michigan, consumers' assessment of current conditions surged in December, while the near-term outlook deteriorated, with differences among party lines.

Michigan said that inflation expectations jumped to 2.9% from 2.6% for the one-year horizon, but fell to 3.1% from 3.2% for the five-year horizon.

The St. Louis Federal Reserve's GDP nowcast estimate for Q4 is for a 1.24% gain, revised down from 1.31% in the previous estimate.

Consumer credit usage rose by $19.2 billion in October, after a $3.2 billion gain in September, with revolving and nonrevolving credit use both rising at faster rates than in the previous month.