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.
Trump-backed candidate lands GOP nod, setting up high-stakes governor showdown
Big money propels Dem megachurch pastor to victory in longshot Kansas Senate bid
Meet the Democrats hoping to flip Virginia’s most competitive House seats in November
Another Grocery Chain Answers Trump’s Call, Cuts Prices on Over 300 Items to Help Americans Still Suffering from Bidenflation
Watch This Rising Dem Star Collapse When Asked if She’s Pro-Thanksgiving – Her Answer Makes Kamala Look Like a Genius
Virginia voters cement swing-district rematch after Dems’ redistricting fail
Virginia Senate race to battle top intel Dem takes shape after redistricting delays
‘Largest Denaturalization Surge in Recorded History’ Underway as Trump Admin Begins Booting Criminal Citizens
Video: Cory Booker Has Extended Meltdown in Committee Hearing as Blanche Nomination Advances
Senate GOP agenda on budget bill and SAVE America Act threatened by uncertainty
Trump trade adviser seeks full court rehearing in Jan. 6 committee contempt case
Beloved NC gas station clerk allegedly killed by registered sex offender after vanishing from home: deputies
Alarming missile report draws forceful response from Trump as Iran war tests America’s arsenal
Former soldier indicted on charges of ‘calculated’ arson attack on federal Manhattan building
Iranian experts estimate economic losses from Operation Epic Fury at $280 billion
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.
