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.
Federal agents arrest 3 more people in connection to Minnesota church storming
Accused US killer captured in Mexico after monthslong international manhunt for recycling bin murder
Damning Video: Trump Plays Elizabeth Warren’s Eulogy for Alex Pretti Over Footage of Pretti Wildly Attacking ICE, Destroying Property – the Result Is Truly Blistering
Ilhan Omar Has Bizarre Response When Questioned About What She Did After Being Sprayed by Vinegar
Federal judge backs away from threat to hold ICE leader in contempt
Trump and GOP eye midterm convention cities in high-stakes bid to hold House, Senate
Trump officials work to ease tensions in Minneapolis as secretive negotiations progress
Who’s turning up for oil rig work in post-Maduro Venezuela
Trump administration military strikes against drug cartels in Mexico would carry risks
Explosion at metal fabricating plant leaves at least 4 people injured in Pennsylvania
AOC voices support for anti-ICE shutdown, declines to participate
Gov Abbott issues disaster declaration to prevent screwworm fly infestation from spreading into Texas
Trump says intel chief Gabbard at Georgia FBI raid to ‘keep the election safe’
Trump warns UK it’s ‘very dangerous’ to do business with China after Starmer’s Beijing meeting
Trump administration eases sanctions on Venezuelan oil industry after Maduro’s capture
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.
