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.
Illegal immigrant accused of fentanyl dealing linked to Virginia high school overdoses
Houston Uber driver caught in wild police chase as officers seen on dashcam video hitching a ride in his car
Trump administration proposes six-figure price tag for new H-1B visas
Trump admin eyes historic mass visa revocation targeting up to 200K asylum seekers: report
Watch: Scott Bessent Announces Details of ‘Unprecedented Campaign’ Against ‘Iran and Its Enablers’
‘Moderate’ Dem gubernatorial candidate embraced DEI budget tool, Green New Deal-style policies
Trump scores Supreme Court win on mail-in voting restrictions before midterms
San Francisco 49ers Owner Arrested at Trailer Park in East Palestine, Ohio
Oklahoma-based Southwest Airlines flight attendant found dead in Hawaii, police investigating
UK gives missile blueprints to Ukraine as relations with Russia collapse
Manhunt for Massachusetts woman ends with grim discovery week after police officer husband found dead at home
Tree-Trimmer Arrested After On-the-Job ‘Prank’ Leaves Co-Worker Dead
Washington Post Ordered to Re-Hire Columnist Who Made ‘Beyond the Pale’ Comments on Day of Charlie Kirk’s Assassination
Trump takes children on tour of helipad and ballroom construction sites
Trump touts endorsement power ahead of vital primary competitions
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.
