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.
Pentagon pushes hypersonic weapons production as startups slash costs
Bill Allowing Victims to Sue Judges, Others Who Let Illegals Run Wild Is Quietly Advancing in Congress
‘Bonnie and Clyde’ illegal immigrant couple accused of brazen jewelry theft spree across four states
Democratic Senator Accused of Violating Federal Law with Anti-White X Post
Dem candidate’s bizarre anti-MAGA tirade ends with ‘we have guns too’
UK warns Iran is targeting ‘military sites’ as US and allies recognize growing threat of IRGC ‘hybrid activities’
Coast Guard firefight puts US, Mexico at odds despite coordinated border operations
Judge extends ban on tree removals at East Potomac Golf Links for two weeks
Young South Dakota deputy dies three days after being shot during a confrontation at a home
Lawyers for Charlie Kirk’s accused assassin Tyler Robinson want cameras banned after report on taxpayer burden
Watch: Katie Zacharia Begins Her First White House Press Briefing with a Message to Trump
GOP cuts bait on vulnerable Iowa representative one week after Johnson’s visit
Trump Speaks Out on Ilhan Omar Raid: ‘I Have Nothing to Do with It’
Dem making Senate comeback bid says he wouldn’t support a Trump impeachment push
Democrats’ fury over Ilhan Omar raid draws stinging GOP reminder about raid from the past: ‘Set the precedent’
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.
