NEW YORK: United States employers probably added more than half a million workers for a second straight month in November, pushing the labour market closer to a full recovery despite swirling inflation worries and persistent Covid-19 infections.

       Payrolls are expected to rise by 550,000 and the unemployment rate to edge down to 4.5%, according to the median estimates of economists ahead of Labour Department data due soon in Washington.

       A strong jobs report, coupled with another monthly jump in consumer prices in Labour Department data out Dec 10, could seal a decision at the Federal Reserve’s (Fed) mid-December meeting to accelerate the tapering of bond purchases. But a new pandemic wave might still scupper that, a fear that caused market jitters on Friday.

       Fed chair Jerome Powell, fresh from being picked for a second term by president Joe Biden, is likely to face questions about tapering, interest rates and inflation when he appears before the Senate Banking Committee for a regular hearing on the Cares Act, the March 2020 pandemic aid package.

       Treasury secretary Janet Yellen will testify alongside Powell, and the House Financial Services Committee has a similar panel scheduled soon.

       The Fed’s Beige Book survey will also shed light on the economic situation across the country. Other key US data during the week include pending home sales, consumer confidence, and Institute for Supply Management indexes of manufacturing and services.

       “A strong jobs report as we expect, together an with elevated consumer price index reading for November – a highly likely outcome – will cement policy makers’ decision,” said Anna Wong, Andrew Husby and Eliza Winger. ― Bloomberg