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.
Fox News True Crime Newsletter: Alex Murdaugh’s new defense, Luigi Mangione’s decision, Tyler Robinson’s fight
Rep. Tom Kean Jr. says he expects to return to Congress ‘in the next couple of weeks’ after missing 100 votes
Teen suspect tied to 12 attacks in chaotic Austin shooting spree identified as illegal alien
Plan for Trump’s ‘Triumphal Arch’ Clears Another Important Hurdle with DC Commission Approval
Texas congressional candidate claims she never called for ‘internment camps’ after party leaders condemn her
UK Cops Handcuffed Dying Stabbing Victim for Racially Insulting Sikh Who Allegedly Stabbed Him
Watch: ‘Survivor’ Host’s Awkward Blunder During Live Finale Spoils Results
Breaking: NASCAR Champion Kyle Busch Dead at Age 41
DHS touts millions of illegal immigrant departures as border crossings drop 94% under Trump
Democrats revolt over ‘biological’ wording in women’s history museum bill
‘Botched’ lethal injection earns Tennessee death row inmate reprieve
College students accused of turning popular beach town into booze-soaked free-for-all in takeover chaos
Single Chart Shows DNC’s Downfall Among the American Electorate Since 2009
Man arrested for allegedly hurling beer keg through window of famous Georgetown Cupcake bakery
Sanders caught on camera snapping at reporter over Platner’s posts: ‘Get a better job’
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.
