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.
Watch: African Who Invaded Spanish City Has Chilling Warning to the Rest of Europe
18-Year-Old Woman Murdered in House Owned by Rep. Ayanna Pressley’s Husband
ICE lodges detainer on Salvadoran national, 18, accused of 2 fatal shootings in Houston
Socialist frontrunner in the hot seat after ‘Cancel Thanksgiving’ post emerges online
FBI releases eerie new age-progression renderings of accused University of Colorado student killer
Weapons stockpile shortages impacting military strategy in the Mideast
The biggest threat in America’s race with China isn’t Beijing, tech executive warns
Trump Shoots Down Claims Iran Attacked US Water Systems, Blames ‘Corrupt’ Tim Walz
Watch: Spanish Woman’s ‘Suicidal Empathy’ on Full Display as Africans Invade City
Late-term abortion takes front seat as blue state rushes to expand access before session ends
Get your Shark Week fix in DC
FBI still searching for 2020 rioter who helped demolish ICE facility
Fauci faces lifetime ban from federal government work under new bill following explosive hearing
Internet erupts over report that Platner’s replacement in key Senate race fathered children with second cousin
Watch: Bill Murray’s Brutal SNL Skit from 1987 Called Out Trans Surgeon as Deranged Child Mutilator
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.
