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.
California authorities identify final unknown victim of ‘Happy Face Killer’ Keith Jesperson after 34 years
New York Gov Hochul rejects Trump’s ‘Lake America’ renaming with blunt message
Maine meteorologist suffers giggle attack on live TV after prank backfires spectacularly
Defense Claims Lindsay Clancy ‘Never Did Anything Wrong in Her Life’ in Closing Argument
Report: Trump Admin Nearing ‘Massive’ Venezuelan Oil Deal
RNC threatens legal action against New Jersey officials over noncitizens on voter rolls: ‘On notice’
Social media erupts after cops reportedly raid home of Ilhan Omar’s son: ‘Not a good look’
Gov Shapiro sues Trump administration over ‘lifesaving reproductive care’ in escalating abortion battle
Watch: Hegseth Rights Another Biden Wrong – Upgrades Abbey Gate Heroes’ Awards After Previous Admin Wrongly Downgraded Them
Lutnick stumps for Trump’s Kennedy Center rebrand outside key court hearing
Restaurant Hands Dessert with Painful Birthday Message to Wheelchair-Bound Diner After Kitchen Staffer Misunderstands Instructions
US removes radioactive cancer-treatment material from Central American country over ‘dirty bomb’ risk
Embattled California Democrat to step aside as Dads Caucus chairman
White House silent on Iran-Oman Hormuz plan Tehran says would ban US warships
Socialist surge threatens Democrats in New Hampshire Senate race
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.
