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-era FBI tracked Trump family travel and Wiles’ calls with lawyers in secret probe: docs
Supreme Court begins new term with high-profile look at clean air and federal authority
Christa Pike’s Attorney Calls for Death Penalty to Be ‘Taken Off the Table’ After Botched Execution Attempt
Furious Trump Partially Doxxes AR Sen. Tom Cotton, Sharing His Reported Cell Number to the Entire World
Emerging tech has new Army leaders warning troops can’t ‘AI’ their way to victory on the battlefield
‘American Idol’ alum Caleb Flynn weeps as daughters ask him why he killed their mother, vow not to visit him
Biden’s ‘anti-MAGA task force’ sparked internal alarm across DOJ, new report shows
El-Sayed Insider Comes Forward With Massive Amount of Dirt, from Insane Lies to Schoolboy Fascination With Gas
Florida student killed in rollover school bus crash
Yemeni government says it recaptured Bab el Mandeb Strait
Bystanders set on fire and hands blown off by grenades as France struggles to suppress violent student riots
U.S. Quickly Pulls All B-1 Bombers from U.K. Base in Wake of Terror Threat
Medicaid provider allegedly billed $165K for dead patient’s rides among fraud exposed in explosive report
Former Republican House Speaker Dennis Hastert dead at 84
Russian researcher who studied plague died of mysterious illness: What to know
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.
