U.S. Job Growth Rebounds in November
In November, U.S. job creation surged with the addition of 227,000 nonfarm payrolls, bouncing back from the disruptions caused by Hurricane Milton and a Boeing strike in October. The unemployment rate ticked up to 4.2%, driven by a decline in labor force participation. However, average hourly earnings rose by 0.4% month-over-month and 4% year-over-year, surpassing expectations. Key sectors such as healthcare and leisure saw strong job gains, while retail trade experienced a notable loss of 28,000 jobs as the holiday season began. This report strengthens the outlook for a Federal Reserve interest rate cut in December, with market expectations for a quarter-point reduction now exceeding 88%.
Healthcare CEO Killed Amid Industry Controversy
UnitedHealthcare CEO Brian Thompson was tragically killed in a targeted attack outside a Hilton hotel in Midtown Manhattan, sparking widespread outrage and raising concerns about the U.S. healthcare system. The murder occurred alongside a significant development within the industry, as Anthem Blue Cross Blue Shield reversed a contentious policy change that would have limited reimbursements for anesthesia during surgeries. The policy, quietly introduced last month, faced strong opposition from medical professionals and state officials who argued that its time-based reimbursement limits undermined medical decision-making. In the wake of Thompson’s death and mounting public frustration with health insurers, New York Governor Kathy Hochul and Connecticut officials announced that their efforts had successfully pressured Anthem to cancel the policy.
Trump Comments on Federal Reserve Chairman
In an interview on Meet the Press, President-elect Donald Trump stated that he does not intend to remove Federal Reserve Chair Jerome Powell, marking the first time he has publicly supported Powell since the election. While Trump had previously threatened to fire Powell over disagreements regarding interest rate decisions, he now acknowledged that Powell would likely resist stepping down if asked but would comply if directly ordered. Trump reiterated his belief that the president should have a stronger role in Federal Reserve decisions, citing his business experience and claiming to have “better instincts” than some Fed officials. Powell, who is protected by legal safeguards to maintain the Fed’s independence, has consistently emphasized the importance of this autonomy in ensuring low inflation and stable economic governance.
