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.
Elon Musk Lays Out Exactly What Dems Will Do If GOP Voters Don’t Show Up at the Polls
Obama Condemns Ilhan Omar Investigation That He Himself Started – Plus 6 More Examples of His Complete Hypocrisy
Peltola insists ‘I knew nothing’ about alleged ‘Decoy Dan’ scheme as Sullivan alleges she is ‘still lying’
Vance leans into Ohio ties to make a sale for GOP candidates
DOJ escalates Alaska legal battle as it pursues discovery in Peltola spoiler operation
It’s a brave new working world with Gen Z leading the charge
RNC rejects narrative of spoiler candidates ‘on both sides,’ calls Alaska scheme ‘fraudulent’
NHL Standoff Between Ex-Captain and Team Gets Ugly: ‘Suspend Without Pay. Do Not Give In.’
Trump-backed Alaska candidate blasts ‘so-called Republican’ Murkowski for endorsing Dem
Resurfaced Peltola ‘criminal offense’ quote comes back to haunt her after explosive report: ‘Turn yourself in’
Two helicopters collide midair near Oregon airport with three people aboard, FAA confirms
Chili’s customers suffer chemical burns after dangerous margarita mix-up
A ghost story in the nation’s Capitol
Man dressed as zombie allegedly stabs two in coffee shop, flees and hits robotaxi
WATCH: Phoenix bank employees rescue food vendor during severe Arizona storm in viral video
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.
