美国11月非农就业数据点评：新增非农回升显示就业市场或仍稳健

Employment Data - In November, the U.S. added 227,000 non-farm jobs, significantly up from 12,000 in October, with a three-month average of 173,000 jobs added[2] - The unemployment rate rose from 4.145% in October to 4.246% in November, exceeding expectations of 4.1%[9] - The labor force participation rate decreased by 0.1 percentage points to 62.5%[31] Wage and Hours - Average hourly earnings increased by 4.03% year-over-year in November, slightly down from 4.05% in October, with a month-over-month increase of 0.37%[81] - The average weekly hours worked rose by 0.1 hours to 34.3 hours in November[82] Market Reactions - Following the employment data release, the probability of a 25 basis point rate cut by the Federal Reserve in December increased from below 70% to nearly 90%[2] - Bond yields generally declined, while stock market reactions were mixed, with non-essential consumer stocks showing the highest gains[9] Job Vacancies - Job openings rose to 7.744 million in October, an increase of 372,000 from September, indicating a slight balance between supply and demand in the labor market[9] - The average number of initial unemployment claims in November was 219,000, down by 18,000 from October[9]