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.
Panama Canal Braces for Rise in Traffic Amid Iran War
More Americans Make This Money Move in Possible Sign of Economic Woes
String of attacks connected to naturalized citizens raises national security questions
Soros Prosecutor Blames Republicans After Convicted ISIS Supporter Opens Fire At Old Dominion University
Top California librarian questioned about missing $650K tied to Dolly Parton child literacy program
Latino voters are ‘no longer sleeping,’ Univision president warns GOP, Dems
It Took CNN Analyst Only 15 Minutes to Suggest Trump Incited Michigan Synagogue Attack
Hero ROTC Cadet Stabbed ISIS-Inspired Shooter To Death, Saving Lives
Airline CEOs torch lawmakers for turning air travel into a ‘political football’
Brother of Michigan synagogue attacker was Hezbollah commander, Israel alleges
Dems Are Using the Filibuster to Keep the SAVE America Act at Bay
‘President Trump Is Ending It’: Mike Waltz Erupts At NBC Host Over Iran
Daughter of George W. Bush’s Top Intel Official Has Been Hit With Long Prison Sentence for Murder
Rising gas prices from Iran conflict put GOP on defense after previous Biden attacks
Pink Tie Party gives platform for local DC designers
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.
