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.
Supreme Court takes up fight over Trump’s third-country illegal alien deportation policy
FBI’s Andrew Bailey blasts exit ‘lies’ as he reveals real reason he’s leaving agency
‘American Idol’ alum Caleb Flynn convicted of murdering his wife
Newly Uncovered Docs Blow Up Jack Smith’s Story About How His Investigation Into Trump Began
Breaking: Jack Smith Admits to Secretly Gathering Banking Info of Thousands of Trump Donors
Man found dead on tracks at Brooklyn subway station after his bag reportedly gets stuck in closing doors
Office of Personnel Management uncovers $500M in fraud and waste in federal health benefits programs
Soros nephew divulges how family’s power helped bankroll El-Sayed’s education during secretive fundraiser
Rivals skeptical as Netanyahu warns of ‘attack’ against Israel before Oct. 27 election
‘Instead of Enforcing the Law’: Dem Connecticut Faces 2A Court Fight with Major Gun Maker for Banning Popular Pistol
Hawks or Hawkeyes? Eric Schmitt’s Jack Smith grilling runs into basketball mix-up
Trans NYT Games executive killed after accusing in-laws of years of abuse amid bitter custody battle
Hollywood actress upset her son isn’t gay fumes in bizarre spectacle at Human Rights Campaign gala
Fed Up With Abuse, Holdout Clancy Juror Will Carry Out Aggressive Plan to Shut Up Killer’s Attorney
Republicans fear they ‘haven’t done a damn thing’ to lower prices ahead of midterm reckoning
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.
