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.
Israel ‘remains firmly committed’ to ceasefire but will continue occupation of southern Lebanon
News Outlet Caves to Democratic Senate Candidate, Kills Poll That Makes Her Look Bad
Watch: Angel Reese Shoves Caitlin Clark, Then Mocks Her as Long-Running Rivalry Is Renewed
Karmelo Anthony runs away after murdering Austin Metcalf: surveillance video
Michigan trio allegedly beat, strangled and gagged man at Las Vegas hotel to collect on gambling debts
Obama Snubs Trump from Presidential Center Opening, Then Subtly Attacks Him
Double endorsement drama: Trump backs second candidate in red state’s GOP gubernatorial runoff
Schiff silent on Biden-era Newsom probe report as California AG claims DOJ ‘weaponization’
Trump reveals new Air Force One will fly over DC on July 4
Transgender former New Hampshire state representative sentenced to 33 years for child sex abuse: report
WATCH: Boozy boaters unleash wild riverfront brawl as fists fly at popular South Carolina sandbar
New Air Force One takes flight as Trump unveils revamped presidential aircraft
Clarence Thomas and Two Fellow Conservatives Form Unexpected Majority with Two Liberals in SCOTUS Decision
‘Political stunt’ prosecution of ICE agent for ‘road rage’ provokes heated DHS response
Satanic: Muslim Pedophiles Told UK Girls That Being Raped Would Take Away Their Sins
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.
