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.
Venezuela releases multiple American citizens from prison following military operation
Rand Paul says GOP colleagues ‘don’t give a s‑‑t about these people in the boats’: They ‘say they’re pro-life’
DOJ says ‘no basis’ for civil rights investigation into Minneapolis ICE officer killing
GOP senator suggests Fed chair Powell resign now to dodge potential criminal indictment
House Democrats Flip, Join Republicans to Overturn Biden-Era Regulation
Minneapolis-area leaders condemn ICE, call for removal amid Trump deportation campaign
Suspected Venezuelan gangster in Portland CBP attack tied to shooting at apartment complex: police
Trump Issues Stern Mandate, Tells Tech Titans They Will Not Run Up American Utility Bills
RECKONING: Minnesota Republicans Preparing to Impeach Democratic Gov. Tim Walz
Anti-ICE Demonstrators Claimed Law Enforcement Ran Over a Protester – Then Dashcam Footage Was Released
Johnson: ‘No boots on the ground’ for Trump’s Greenland acquisition plans amid military speculation
Trump flips off Ford factory worker who yelled ‘pedophile protector’
Rubio says US can’t return 137 deported Venezuelans due to ‘delicate’ negotiations with Maduro’s successor
11 House Dems buck party to side with Republicans in reversal of Biden-era shower regulation
Supreme Court Justice’s Simple Question Blows Gaping Hole in Transgender Athlete’s Case
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.
