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.
Trump pivots on strikes while dangling Iran deal, testing whether Tehran blinks
Family of Would-Be Beheading Victim Caves – First Statement Is Music to Leftist, Pro-Open Borders Politicians and Media
Trump nominates Jay Clayton, former SEC chairman, current US Attorney, as intelligence director
Trump names Jay Clayton as next intelligence chief amid FISA gridlock
Breaking: Pentagon Locked Down as Hazmat Teams Swarm to Building
‘Severe’ Pentagon lockdown sparks emergency response as hazmat teams sweep area
WATCH: Trump DHS escalates pressure over migrant child warnings it says Biden ignored: ‘Move heaven and hell’
Gordie Howe bridge opening pushed back over unnamed ‘issues’ after Trump-Canada feud
Austin Metcalf’s dad expresses empathy for Karmelo Anthony as killer’s parents say ‘they did a number on us’
DOJ accuses Jamaican woman of committing marriage fraud and lying to boost disability benefits
WATCH: Philadelphia police release new video of two suspects in Penn State student’s fatal robbery
Breaking: Trump Says US Will Seize Iranian Territory and ‘Assume Total Control of Their Oil and Gas Markets’
Outrageous: Black Advocates Move to Have Austin Metcalf’s Brother Arrested, Charged as Accessory to Murder
Chip Roy fields proposal to block pay and power for longtime lawmakers
Second Amendment fights grow across several states over 3D-printed gun laws
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.
