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.
Gavin Newsom’s Former Chief of Staff Pleads Guilty to 3 Federal Charges, Faces 38 Years in Prison
McMaster revives Trump-backed push to oust Biden kingmaker from Congress
Fox News Crew Snared by China’s Massive Surveillance System While Covering Trump Visit: ‘They See Everything’
China cozies up as Trump touts delegation of richest business heavyweights at Xi summit
Cuba says CIA chief Ratcliffe met with officials in Havana amid US tensions
Video: ‘CBS Evening News’ Broadcast Ends in Disarray as Crew Member Suffers ‘Medical Emergency’
Supreme Court keeps broader access to abortion pill mifepristone in place while legal fight continues
Britney Spears Reportedly Seen Barking and Screaming During Knife-Wielding Spectacle at Restaurant
Former Kansas mayor who pleaded guilty to illegal voting turns himself in to ICE
DHS rails against illegal aliens hit with capital murder charges for allegedly killing unborn baby: ‘monsters’
Watch: Obama Left Embarrassed as Video Shows Pitiful Welcome He Got in China vs Majestic Welcome Trump Just Got
Bill Cassidy bets on anti-abortion policy to save reelection bid
Insanity: Ex-BLMer and Special Ed Teacher on Leave Over Abuse Allegations Just Elected President of Teachers Union
Jordan grills Soros-backed DA Descano in heated spat over soft-on-crime policy: ‘This is almost laughable’
Wisconsin official cries foul alleging FBI showed up at front door of county election director’s home
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.
