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.
US Catholic bishops president says deportations instilling ‘fear’ in ‘widespread manner’: ‘Concerns us all’
Mock funeral held for the penny at Lincoln Memorial as 230-year coin production ends
DHS responds after reports CISA chief allegedly failed polygraph for classified intel access
Former classmate says suspect in Brown, MIT killings was ‘socially awkward’ and ‘angry’ during college years
DOJ restores Trump photo to Epstein files after determining no victims depicted
Man rushed to hospital in apparent self-inflicted shooting at Atlanta airport
Trump’s team reports concrete progress in Ukraine peace negotiations with European partners
Byron Donalds urges conservatives to ‘focus on the mission’ at AmericaFest after 2025 setbacks
Yale professor’s father charged in mother’s decades-old murder, says he ‘used me as bait’: report
Brown Recluse Spider Bite Leaves Woman Virtually Paralyzed: ‘I Couldn’t Feed Myself’
Vance says ‘America First’ movement rejects ‘purity tests,’ welcomes critical thinkers
Fetterman Rips Into Fellow Democrats After Anti-Semitic Australia Shooting: ‘A Rot Within the American Left’
Illegal Sentenced to 20 Years in Prison for Strangling ICE Agent
US Coast Guard pursues third ‘dark fleet’ oil tanker as Trump targets Venezuelan sanctions evasion network
42 Years Later, DNA Evidence Solves Case of 5 Texans Kidnapped from a KFC Restaurant and Executed After Robbery
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.
