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.
‘The Office’ star blasts political ‘hypocrisy,’ explains why sitcom couldn’t be made today
Trump backs MAGA champion Mike Collins in Georgia’s Republican Senate runoff
Two suspects arrested after crashing through Camp Pendleton gate with 112 pounds of cocaine and fentanyl
UFC Weigh-in at Freedom 250: Photos
Fox News Campus Radicals Newsletter: Anti-Kirk teacher honored, ICE supporter expelled, Pride display problem
Judge defends barring cameras from Karmelo Anthony murder trial, says it was ‘an easy decision’
Florida man arrested for DUI after troopers allegedly find 34 open alcohol containers in vehicle
Armed Citizens Stop Supermarket Shooter In Missouri
New Declassified Docs Give Tulsi Gabbard The Last Laugh On Ukrainian Biolabs
Socialist Mayor Floats Taking Guns Away From Pimps Instead Of Just Arresting Them For Trafficking
Leading Democrat Senate Candidate’s Ex-Staffer Charged For Alleged Pro-Terrorist Vandalism
New Bill Would Fleece Pro-Lifers for ‘Emotionally Harming’ Abortion Doctors
As Medical Org Pushing Child Sex Changes Lucks Out In Court, A Bigger Legal Battle Brews
Obama Presidential Center’s $470M safety net under scrutiny as subcontractors say they’re owed millions
Trump picks James McDonald to lead powerful Southern District of New York after Jay Clayton’s departure
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.
