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.
Royal Caribbean cruise passenger presumed dead after going overboard on ‘80s-themed voyage, family says
Retired US military leaders support letting Israel ‘finish the job’ against Iran, proxies
Liberal dark money groups notch victory as Republican retreat from town halls
Nonprofit founded by San Francisco mayor gives $11 million for pilot program on homelessness
Humiliating Problem Spotted in Schumer, Warren, and Booker’s Trump Attack Videos When They’re Placed Side-by-Side
Zelenskyy Appears to Relent a Day After US Aid Freeze: ‘Ready to Work Under President Trump’s Strong Leadership’
Reporter’s Noteboook: Sorting it out
Los Angeles Mayor Karen Bass recall effort launches
Big Economic Win: Trump Secures Foreign Investment That Dwarfs What Biden Bragged About
Watch: Rep. Rashida Tlaib Has a Screaming Meltdown as She’s Blocked from Entering Trump Administration Building
GOP rebels fire warning shot in shutdown showdown: No DOGE, no deal
Acting US attorney for DC launches crackdown on gun crimes: ‘Make DC Safe Again’
Trump urged by ‘fiscal responsibility’ group to show he’s ‘serious’ about $36T debt
Shocking Study Claiming Trans Surgery Radically Increases Mental Health Problems Immediately Attacked
Kamala Harris Backs Out of Oscars Appearance at the Last Minute: Report
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.
