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.
WATCH: GOP senator unloads on ‘creature of Washington’ challenger in critical Senate showdown
Historian blasts Smithsonian’s activism shift after first visit in over a decade: ‘Completely different place’
Midterm Countdown: Republicans get a glimmer of hope
Washington man arrested on arson charge tied to devastating Spokane wildfire
Pennsylvania school bus aide accused of sexually assaulting special needs teen
Federal judge blocks New York law banning ICE agents from wearing masks
California mom begged for help before ex gunned her down in front of their 4-year-old son: DA
ICE detainee who illegally re-entered US after deportation dies at Delaney Hall
Unearthed video exposes El-Sayed’s opinion on driver’s licenses for illegal immigrants
Watch: New Women’s Pro Baseball League Begins With ‘Worst Anthem Rendition of All Time’
‘The Brink of War’ tells story of Reagan-Gorbachev nuclear discussions
Knoxville Mayor Shares Chilling 2020 Talk When Deborah Birx Admitted the Truth Didn’t Matter When It Came to the Science
Mass Cyclospora Outbreak Officially Turns Deadly
Watch: Trump Goes Off When Reporter Says He’s With ‘MSNOW’
Watch: 4 of the Most Intense Exchanges When RFK Jr. Put CNN’s Dana Bash in Her Place on COVID and Fauci
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.
