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.
We asked Americans to grade the economy. Then we asked if it would change their vote.
FBI Reportedly Concludes All Nancy Guthrie Ransom Messages Were Fake
54-Year-Old Defends Himself From Three Masked Thugs on Chicago Bus, Leaves Them Nursing Stab Wounds
James Carville breaks with famous ‘It’s the economy, stupid’ slogan because of Trump
WATCH: Controversial SCOTUS decision strikes a divide among lawmakers
Appeals court blocks Trump admin from holding migrants without bond for over 90 days
Judge blocks Philadelphia law targeting masked federal officers
The Democratic socialists are no longer on the fringe
BREAKING: Protester Sets Himself on Fire Outside UN Building in NYC
Massachusetts city imposes curfew ahead of historic World Cup match
Fitness influencer pleads guilty in violent gym attack after beating man with weightlifting belt
Driver charged with manslaughter after Tesla crashes into Texas home, kills grandmother
One Day After Cancelling July 4 Fireworks, Buffalo, NY, Celebrates Somali Independence Day
‘Young Washington’ Delivers Revolutionary Hit for Angel Studios Honoring America’s 250th Birthday
Enter the Downwardly Mobile Anti-Hero Politicians
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.
