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: Chaos Erupts at Courthouse When Convict Busts Out of His Handcuffs and Charges Through Sheriff’s Deputies
House Passes Legislation Forcing Data Centers to Foot the Bill for Increased Utility Costs
Dem insurgent turns on the charm with party establishment as Schumer leaves bitter feud hanging
Lawmakers say they are standing at the gates against ‘Trojan horses’ promoting malign foreign interests
Illegal Alien Sentenced to Prison for Multimillion-Dollar Scheme Against Travis Kelce and Others
National Park Service offers plan to mitigate ‘adverse effects’ of Trump arch
Breaking: LA and Calif. Reeling After Woke, Anti-Trump Antics Drive Out Paramount, Taking up to $21B in Output, 60K Jobs, and $1B in Taxes
Thom Tillis urges Michael Whatley not to shy from ‘healthy disagreement’ with Trump
Would-be Trump assassin Thomas Crooks had Snapchat that may hold evidence ‘treasure trove’: former FBI agent
The Hitchhiker’s Guide to Massie saying Johnson is sending the House home early to prevent Hegseth impeachment
Hawley takes aim at ‘corporate welfare’ after GOP-backed tax break boosted controversial industry
Virginia court sentences Abbey Gate conspirator to 20 years for role in explosion
DOJ Arrests LA Nonprofit Employees in Connection to Multimillion-Dollar Homeless Fraud Schemes
3 stabbed at New York college; 2 suspects in custody
Trump Nominates Lee Greenwood’s Wife, Kimberly, to Be US Ambassador
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.
