Minneapolis (CNN) — The US economy added 199,000 jobs in November, according to Bureau of Labor Statistics data released Friday.
The unemployment rate fell to 3.7% from 3.9% the month before.
Economists were expecting net job gains of 180,000 for the month and for the unemployment rate to hold steady.
The largest employment gains last month came in health care and government, which added an estimated 93,200 and 49,000 jobs, respectively.
November’s job growth was stronger than October’s unrevised tally of 150,000 jobs added. September’s job gains were revised down to 262,000 from 297,000, according to the BLS.
The continued strength in the labor market has helped fuel consumer spending and economic growth, but Federal Reserve officials believe slower demand will help bring down inflation.
Through November, the economy has added an average of 232,000 jobs per month — far more moderate growth than 2022 and 2021, when an estimated 399,000 and 606,000 jobs were added every month, respectively.