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.
Fact check: Trump claims no autism cases among unvaccinated Amish children
Bryan Kohberger’s new lawyer says key questions may soon get answers in court
Vance hosts members from Michigan synagogue attack at rally after el Sayed apology
Vance unloads on El-Sayed after Usha swipe with brutal warning: ‘Way out of your league’
Trump’s White House ballroom construction gets another lifeline from SCOTUS amid heated legal fight
The Fight Against Globalism Is Local: Why Americans Are Fighting Flock Cameras and Data Centers
Democratic Socialists of America Embroiled in ‘Civil War’ Over Future as AOC Is Slammed for ‘Consistent Pattern of Opportunism’
Trump admin revives ‘Apprentice’-era energy with $1M business battle in DC
El-Sayed torched online after brushing off questions about Hasan Piker campaign ties: ‘What a pal’
US Fish and Wildlife Service officer dies during wildfire evacuation efforts in Oklahoma, agency says
Kalshi bans George Santos for life over State of the Union price manipulations
Rahm Emanuel Disavows Far-Left Socialists, Says They’re Not ‘Part of the Democratic Party’
Gunman ID’d in Slaughter of 8 Family Members at Sunday Dinner As Disturbing Motive Comes Into Focus
Eurosceptics laud Iceland’s rejection of EU referendum: ‘Another Europe is possible’
What happens when robotaxis meet motorcades in DC? The mother of all traffic jams, says AI expert
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.
