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.
Fauci repeatedly pleads Fifth in fiery showdown with Rand Paul
WATCH: Battleground Democrat called Iowa a ‘backwater’ over transgender athletes ban
Iran Releases Sick Video Showing Terrorists How to Target Melania, Suggests Neuro Toxin Strategy, Then Takes Aim at Barron
The Electoral College Must Be Protected: Here’s Why
‘Tip of the iceberg’: NJ illegal voting scandal explodes with more key systems at risk
Coercion Is the Abortion Debate We Aren’t Having
Scientists who nominated Fauci for prize money received millions in NIAID funding
DOJ can’t release Biden tapes while hiding Jack Smith report, watchdog says
No Jews on Mamdani’s ‘truly representative’ NYC judiciary panel, sparking backlash
Should taxpayer dollars pay for veterans’ service dogs? Congress is deciding
Kentucky governor calls on McConnell to prove he is fit to serve or resign: ‘Address the people’
Lindsay Clancy’s ex-husband details pill use as expert says evidence could shape murder trial
BTK killer Dennis Rader’s daughter Kerri Rawson hit with domestic violence injunction: report
Murdered 9-year-old begged not to go on trip with dad months before he allegedly killed her, mom testifies
Thune soft-pedals adding Trump’s request for debt limit curveball to GOP budget bill
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.
