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.
Trump electrifies his base, but the nosebleeds are empty. Is it enough to win the midterms?
Trump makes convention pitch for Paxton: You may not like his looks, but he’s the best AG in Texas history
US forces obliterate suspected ‘narco-terrorist’ vessel in lethal Eastern Pacific strike, killing 3
Military Base Guards Cleared to Say ‘Have a Blessed Day’ After Pete Hegseth Steps in to Oppose ‘Radical Anti-Christian’ Group
Dem senator delivers surprise video at Republican convention backing McCormick
Jim Jordan to relinquish House Oversight and Judiciary gavels, stirring leadership speculation
HSI agent who investigated child exploitation cases indicted on rape and child abuse charges
Pastor Dies from Injury Suffered While Celebrating Son’s Wedding
Dem incumbent becomes first sitting governor to lose primary since 2018
Internet Demands Probe After Mitch McConnell’s Wife Reportedly Revealed to Have CCP Ties
Kentucky Ostrich Farm Offers Alternative for People Allergic to Red Meat After Tick Bites: ‘Similar to Steak’
Beauty school moms caught in accreditation crossfire as Trump admin weighs consequential decision
Texas Attorney General Ken Paxton announces distribution of more than 7 million free eggs statewide
Amy Acton cried on the job, once found ‘curled up’ on floor before COVID meeting during tenure as Ohio health official: Staffers
RNC leaves convention seat empty for Charlie Kirk one year after assassination
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.
