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.
New Yorker suing ICE after officers went to his home to warn him over criticism of agency
WATCH: ‘The View’s Sunny Hostin Announces Lots of American Flags Make Her Feel Unsafe Because of ‘White Supremacy’
Popular Florida social media influencer killed in drive-by shooting while inside luxury SUV
ICYMI: CNN Says Jon Ossoff’s 2028 Presidential Chances Are Better Than Josh Shapiro’s Because He Doesn’t ‘Read as Jewish’
Top Platner ally turns on him after bombshell rape allegation rocks campaign: ‘Red line’
Report warns Russia using shadow fleet to probe NATO drone defenses
WATCH: Muslim Goes Viral Shouting, ‘This Is the Islamic Republic of New Yorkistan… Mamdani’s New York,’ Claims ‘Islam Will Be in Every Household’
Bo Derek Rips COVID Vaccine Mandates in Bill Maher Interview: ‘That’s a Problem’
Smoke from record DC fireworks show triggered ‘Code Red’ air-quality alert
Resolute rest: Child dozes off against famous desk during Trump’s accounts speech
Sen. Mark Kelly, Likely 2028 Dem Presidential Hopeful, Roots for Mexico in World Cup, Brags on Social Media About It
Mamdani Ripped for ‘Curious’ Response to U.S. Red Card Getting Overturned with Trump Involvement
Rumors Swirl as Multiple Graham Platner Events Are Abruptly Canceled
Tyler Robinson Seen Laughing at Hearing, Erika Kirk Cries and Leaves Courtroom
Israeli constitutional crisis deepens as opposition cries ‘anarchy,’ president warns noncompliance is ‘red line’
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.
