Labor markets showed renewed signs of strength in November. The unemployment rate dropped to 4.4%, ending its steady increase from the 28-year low achieved in May. Nonfarm payrolls rose sharply compared to the tepid increases of September and October. Productivity for the summer was revised upward.
Suggested citation: “Labor Markets,” Federal Reserve Bank of Cleveland, Economic Trends, no. 98-12, pp. 12, 12.01.1998.