Payrolls rose by 263,000 in November, more than expected despite Fed rate hikes

Job growth was much better than expected in November despite the Federal Reserve’s aggressive efforts to slow the labor market and tackle inflation. Wages were up 5.1% on a year-over-year basis, also well above the 4.6% expectation. The numbers likely will do little to slow a Fed that has been raising interest rates steadily this year to bring down inflation still running near its highest level in more than 40 years. Leisure and hospitality led the job gains, adding 88,000 positions, while construction added 20,000, while information was up 19,000 and manufacturing saw a gain of 14,000. The Dow Jones Industrial Average fell as much as 350 points after the report on worries the hot jobs data could make the Fed even more aggressive . . .