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.
WATCH: Gaffe-prone Seattle socialist mayor cuts off police chief in yet another awkward interview
Texas Air National Guard pilot ejects safely before F-16 crash in Michigan
Are Conservatives Actually Represented in the Senate? John Cornyn’s X Page Should Have You Questioning Everything
Starbucks resolves Florida DEI lawsuit with blockbuster nationwide agreement
Buckingham Palace Issues ‘Highly Unusual’ Statement in Response to New Allegations from Princess Diana’s Family
Philadelphia home search uncovers possible human ashes, images of 7 missing women: police
Rand Paul clashes with fellow Republican over AI ‘kill switch’ as Senate grapples with ‘Terminator’ fears
Minnesota’s anti-ICE aid fund becomes latest casualty of state’s embarrassing fraud problem
Air Force Secretary Confirms U.S. Now Has Weapons Deployed in Space
22 Blue States Try to Block Trump Rule That Cracks Down on Immigrants Receiving Welfare in Final Hours Before It Takes Effect
Influential conservative group says all hope is not lost for Republicans during midterms — and here’s why
Powerful teachers’ unions share striking link with states struggling to teach kids to read
Trump’s $5K checks could join stack of past unfulfilled promises, former Congress budget chief warns
Idaho prosecutors accuse Bryan Kohberger of ‘fishing’ to find better arguments for bid to withdraw guilty plea
Los Angeles NBC helicopter seen plummeting toward ground in dashcam video
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.
