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.
FIRST ON FOX: Supreme Court justices confront what it will take to keep America’s founding freedoms alive
Senate Republicans plan 54-day blitz to push Trump’s agenda before Democrats seize power
UN denies working with Hamas-loving Gaza ‘aid’ group funded by American Marxist
NYC man accused of 3 Central Park rapes arrested at Miami Burger King
Multiple dead after vehicle crashes into food stand near North Hollywood Metro station
Mullin vows ‘zero change’ on immigration after Republicans suffer crushing midterm losses
Twice-deported illegal immigrant accused of trying to storm United cockpit, threatening bomb: DHS
Democratic Congresswoman Threatens Military Members ‘Down the Chain’ from Pete Hegseth with Investigations
Anti-Israel agitators swarm Biden in Ireland and hurl object at motorcade
This Midterm Result Should Give You Hope: Voters Passed Wave of Conservative Policies Nov. 3, Even as They Crushed GOP
IRGC operative lands on FBI’s Most Wanted Terrorists list over alleged plot to kill former Trump advisor
Migrants Marching Toward US Southern Border Are More ‘Hopeful’ Following Blue Wave: CNN
A New Name Has Risen to the Top of Trump’s White House Press Secretary Shortlist: Report
Incoming Congressman Says Senior Democrats Are Trying to Threaten Him Into Backing Hakeem Jeffries as Speaker
Dem Robert Garcia Explains Rationale Behind Weaponizing Government: ‘Maybe It’s Because I’m Gay’
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.
