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.
Hasan Piker cheerleads progressives as 80-year-old senator wins six more years
Progressive push hits wall against conservative Democrat in deep-blue district
Washington homeowner hears mysterious banging, calls 911 before police find growling bobcat at top of stairs
Breaking: Intimidation Arrest Made Outside Courthouse of Lindsay Clancy Trial Setting Stage for Potential Mistrial
Tyler Robinson to face trial in Charlie Kirk assassination as judge keeps death penalty on table
Top Democrat survives double-barreled challenge as party’s Israel divide hits home
Colin Kaepernick Reemerges and Tries to Cash in on Playing the Victim
House Democrat survives left-flank challenge as Bernie volunteer mounts insurgent bid
Florida Orders Removal of Flock Cameras from All State Highways
Ed Markey survives Massachusetts Senate primary challenge from Seth Moulton
Nancy Grace Fires Back at Lindsay Clancy’s Attorney After He Calls Her Out by Name: ‘The Law Is Clear’
Trump Wants Congress to Save Hollywood from Going Bust – His Heart Might Be in The Right Place, But He’s Dead Wrong
DOJ sues Kansas school district over ‘secret gender transitions’ in first-of-its-kind lawsuit
Former president-turned-amateur artist George W. Bush debuting new paintings for 9/11 remembrance
Canadian Voters Double Down on Hostility Toward Trump, Hand Liberal Party Special Election Sweep
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.
