The imaginary recession of 2019 is over.
The U.S. economy added 266,000 jobs for the month and the unemployment rate fell to 3.5 percent, matching the lowest level in 50 years.
Economists had expected the economy to add 187,000 jobs and for unemployment to remain unchanged at 3.6 percent, according to Econoday.
Adding to the picture of strength for the labor market, previous jobs numbers were revised up. September’s figure was revised up by 13,000 to 193,000. October was revised up by 28,000 to 156,000. Together, that adds 41,000 more jobs than previously reported.
The Friday report on nonfarm payrolls makes it clear that the economy is much stronger than thought by those who were predicting U.S. growth would slow dramatically or contract near year end.
Biden judge torches Trump ICE crackdown as ‘devoid of rational explanation,’ nukes courthouse arrest policy
Letitia James fumes as Mamdani-backed socialists sweep New York primaries
Trump Suddenly Cancels Housing Bill Signing with Minutes to Spare, Demands SAVE America Act on His Desk
US Mint to produce limited-edition July 4 quarters for America 250
Trump declares ‘national emergency,’ demands housing overhaul bill be scrapped in SAVE Act push
What to know about Trump’s Great American State Fair kick-off rally
DEI Exec Fired After Getting Caught on Camera Allegedly Stealing at Knicks Championship Parade
Stephen A. Smith questions why activists are still defending Karmelo Anthony after guilty verdict
Bill Gates’ Epstein Testimony Released – Humiliating Revelations, Chilling Russian Connections
Trump admin unveils 11-foot-tall, AI-designed nuclear test flight vehicle at the Great American State Fair
Breaking: US Airstrike Kills Senior ISIS Leader in Northwest Syria
Dems rattled after progressive wave sweeps New York primaries and more top headlines
Trump to kick off Great American State Fair as 250th anniversary celebrations take over National Mall
Blue state shield laws allowed 330K abortion pills to be sent to abortion ban states, pro-life group finds
Antifa leaders panic after DOJ pursues conspiracy charges against Minnesota operatives
Hiring in November was strong across the board. Manufacturing, which had been a source of weakness in earlier reports, added 54,000 jobs. This was boosted by the end of the strike at General Motors, with autos adding 41,000. But economists, whose estimates were meant to reflect the end of the strike, had predicted just 15,000 extra jobs.
Healthcare added 45,000 jobs, as did leisure and hospitality. Employment in professional and technical services grew by 31,000.
Average hourly wages are up 3.14 percent compared with last year, above economist expectations. In manufacturing, the average workweek increased by 0.1 hour to 40.5 hours. Average hourly ages of private-sector production and nonsupervisory employees rose by 7 cents in the month to $23.83, a 0.22 percent gain.
The labor force participation rate was little changed at 63.2 percent in November. The employment-population ratio was 61.0 percent for the third consecutive month. Both numbers would ordinarily be declining to do the expected retirement of baby-boomers. Holding steady indicates that the strong labor market is enticing workers to stay on the job.
Story cited here.
