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.
Republicans are not talking about Trump’s biggest 2024 campaign promise
Federal judge blocks Trump administration fines of up to $1.8M for migrants
Man pleads guilty to 2023 killing of Lauren Heike on Phoenix hiking trail
Watch: US Soccer Player Takes Possibly Worst Dive Ever Caught on Camera After Mexico Player Barely Taps Him
Child Dies After Freak Accident in Playground Tube Slide
Denver man’s escape exposes chilling Tren de Aragua kidnapping plot that lands trio in prison
Former TV anchor who pleaded guilty to killing mother last Halloween gets life sentence
‘Cornell 7’ Member Turns Accusations Around, Says He Was the Victim and Jane Doe Was the Perpetrator
Woman allegedly stabs girl after SUV hits semi as soldiers step in to stop horrific roadside attack
Trump says Putin call coming ‘very soon’ as US tracks suspected plague death in Russia
Ex-CIA official admits to $194 million fraud scheme involving gold bars
Cornell Appoints Former Acting Attorney General Who Was Fired by Trump for Insubordination to Lead Investigation
Foreign adversaries running ‘psyop’ to fuel anti-AI and anti-data center movement, war official says
Veterans of ‘unbearable’ Chinese factory in Ohio detail brutal work conditions amid top Dem’s oversight visit
GOP Sen. Thom Tillis Sucks Up to ‘The View’ by Threatening to Dox Trump’s Personal Phone Number
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.
