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 to kick off Great American State Fair as 250th anniversary celebrations take over National Mall
Blue state shield laws allowed 330K abortion pills to be sent to abortion ban states, pro-life group finds
Antifa leaders panic after DOJ pursues conspiracy charges against Minnesota operatives
Far-left surge: Mamdani-backed candidates oust Dem establishment incumbents
Paroled felon charged in deadly fire at New York homeless hotel that killed 6
DOJ charges 10 Southern California defendants in largest federal healthcare fraud crackdown in US history
Top Dem beats progressive who likened himself to Bernie Sanders in closely watched race
‘Party of Zohran’: Mamdani emerges as Democratic kingmaker after socialist allies sweep NYC primaries
Biden appointee crushes comeback bid by billionaire wine mogul David Trone
Mamdani-backed socialist with history of anti-American rhetoric wins vicious Dem primary race
GOP voters pick Trump-backed nominee in battle to flip crucial House seat
Meet the Republican challengers vying to unseat New York’s congressional Democrats
Investigators revisit Florida serial killer case as search resumes for possible additional victims
Iranian World Cup Fans Defy Regime and FIFA with Banned Displays of Resistance
Biden-appointed judge ripped after blocking ICE arrests at immigration courts
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.
