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.
Supreme Court keeps nation waiting on Trump tariff decision, releases 3 lower-profile opinions
Lawmaker says Trump could keep housing-cost pledge by backing Democratic bill in rare call for common ground
To Combat ICE, Reckless Dem. Rep. Spreads Plan That Will Destroy 911 System, Cut Off Citizens from Police, Fire, Medical Help
48 Hours After Taking Over Virginia, Dems Were Cutting Prison Sentences, Gutting Hand Ballot Recounts, Banning Gas Mowers, and So Much More
Late Breaking: 2 Officers Shot in Portland, Possibly Related to Antifa Agitators Near ICE Facility but Unconfirmed
Nanny love triangle murders trial pits dueling stories of mastermind behind case ‘out of a TV movie’: expert
Trump endorsement rocks Louisiana Senate race as Letlow poised to jump in
NORAD aircraft to arrive in Greenland for routine exercises
Tim Walz Finally Addresses Leftist Church Invasion with Absolutely Pathetic Statement
US Marshals nab fugitive hiding under child’s bed: officials
Oklahoma Citizens Rise Up Against Plans to Build Mosque in Their Town
Islamic Revolutionary Guard Corps poses global threat even if Iranian regime is decapitated
House Speaker Mike Johnson tells British Parliament he came to ‘calm the waters’
One year back in the Oval Office, Trump White House says every major campaign promise delivered
172 Christians Abducted from Two Church Services in Nigeria
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.
