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.
Turns Out Voters Actually Favor Reason Over Rage Bait. Go Figure
Mike Waltz, Tim Tebow launch effort to combat online child exploitation: ‘It’s happening in their backyard’
The ‘Little House’ remake is bland, boring, and politically correct
House Republicans aim to turn Democratic civil war into midterm weapon
John Fetterman threads the needle after threat to abandon Democrats
Will ‘Peak Woke social media posts haunt Texas Democrat Talarico’s Senate bid?
WATCH: House Dems dodge questions on socialist agenda that threatens to abolish key institutions
Tennessee woman arrested after allegedly trying to drown one of her children in backyard pool
AIPAC cuts funding to Democrats who voted to end Israel aid
Major appeals court declares New Jersey AR-15 ban unconstitutional in landmark Second Amendment ruling
Op-Ed: The Weight of a Word
Time enough at last: What’s next after the House passes bill to do away with Daylight Saving Time?
Democrats turn on congressional hopeful after ‘hiding’ LGBTQ+ views from Muslim voters
WATCH: Inside look at the dangerous cartel human smuggling tunnels still being used at border
Paul Pelosi charged with misdemeanor hit-and-run in Napa Valley
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.
