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U.S. jobs report: 4 facts to know before its release

Trump claims victory at Carrier, but critics aren't so sure

Americans will get their first look at the U.S. job market Friday since the victory of President-elect Donald Trump, who campaigned on promises for better jobs.

The Labor Department will publish the November jobs report at 8:30 a.m. ET. Here are three facts to know.

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What to expect

Economists surveyed by CNNMoney forecast that the U.S. economy added 181,000 jobs in November. That would be slightly better than the initial estimate for October’s job gains of 161,000. There will be a revised October jobs figure Friday.

The unemployment rate is expected to remain at 4.9%, according to the survey. That’s considered near “full employment,” meaning the rate can’t go down a lot further.

Final hurdle for the Fed

Almost everyone expects the Federal Reserve to raise interest rates at its meeting that ends on December 14. But the jobs report needs to be at least decent on Friday for Fed officials to move ahead with their plans.

It would be the Fed’s only rate hike this year after it originally forecast raising rates four times — only to face several setbacks that changed plans.

The Fed last raised rates in December 2015, which was its first rate hike in nearly a decade. A rate hike is considered a sign that the economy is getting healthier.

Related: Trump saves 1,000 jobs. But many more are going

How many Americans are out of work?

Trump said throughout the campaign that roughly 94 million Americans are out of work.

“Over 14 million have left the workforce since Obama came into office, bringing the total not working to 94 million,” Trump said before the election.

Trump’s team could throw that same punch at the Obama economy one last time on Friday. While it’s technically true, it’s not nearly as bad as it sounds. The vast majority of the 94 million Americans out of the job market are retired, studying, taking care of a loved one or disabled. Only about 2 million Americans are not working for unknown reasons.

Trump win doesn’t reverse decline of manufacturing

Trump’s victory this week to keep 1,000 jobs at Carrier’s plant in Indiana is not a bellwether for America’s manufacturing sector. In fact, manufacturing jobs have been in decline this year. In October, there were 53,000 fewer manufacturing jobs compared to a year ago. New numbers come out Friday.

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