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.
Minnesota Gov. Tim Walz and AG Keith Ellison Set to Testify Before Congress About Massive Fraud Allegations
Conservative group blasts LinkedIn for removing pro-ICE post, labeling it ‘hateful’
Famed filmmaker presses Democrats to put ‘citizen-led’ presidential primary first
He’s Not Joking: Jim Acosta Claims Don Lemon Was Arrested Because He’s Black
LAPD arrests violent agitators after protests erupt outside federal detention center in Los Angeles
Government shuts down again after Democrats revolt over DHS funding
Left-wing activists storming synagogue use knee pads, adult diaper to mock Dem congressman over ICE vote
ICE lodges detainer for illegal immigrant accused of sexually assaulting teen
US approves massive arms sales to Israel and Saudi Arabia for more than $15 billion amid Middle East tensions
Letitia James fires attorney consumer fraud over criticism of pediatric ‘gender care’
Saudis won’t let the US use its bases or airspace for an attack on Iran, senior Gulf official reveals
DOJ Releases Massive Trove of Epstein Files Documents, Statement on Trump Involvement
Rep Jeffries escalates rhetoric against Noem, says DHS leader should be ‘put on ice permanently’
Coast Guard searching for survivors after commercial fishing boat sinks off Massachusetts; 1 body recovered
‘Opening Pandora’s Box’: Mike Johnson backs Trump after warning White House about deal with Democrats
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.
