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 admin announces expansion of visa restriction policy in Western Hemisphere
Singer D4vd arrested and held without bail in case tied to teen found dead in Tesla: Police
EXCLUSIVE: NYC officials refuse ICE hold for illegal alien accused in arson that killed 4 and injured 7: DHS
Jerome Powell Now Considering Move to Spite Trump: Report
Franklin Graham defends Trump in letter shared on Truth Social after AI ‘Jesus’ image backlash
Iranian Economy on the Brink: US Blockade Leaves Country with Weeks of Oil Production Left
Acting ICE Director Todd Lyons submits resignation letter to DHS Secretary Markwayne Mullin
Bernie Sanders, AOC-backed Democrat wins key House race; GOP fails to expand fragile majority
Coffee Shop Chain That Originated in San Francisco Defends Plan to Remove ‘Pride’ Flags from Stores’ Decor
Owner of Antique Store That Trans Mob Attacked and Shut Down Over ‘Intolerance’ Has Been Murdered, Leaving Behind Wife, Daughter, and Unborn Child
If You’ve Ever Thought Life Is Too Painful to Be Worth Living, This Piece Might Just Change Everything
Shouting match erupts between RFK Jr and Dem lawmaker over his comments about Black children
Hillary Clinton rips Trump on migrant child detentions, but Bill Clinton’s own record cuts deep
10 House Republicans Side with Democrats in Bid to Block Trump from Deporting Haitian Immigrants
Chuck Grassley, the longest-serving senator, hints at a ninth term
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.
