266,000 New American Jobs Created in November Alone
What recession? Trump's economy is booming, unemployment hits lowest level in 50 years
In November alone, America created 266,000 new jobs, according to new figures released Friday.
The new data shows a record-breaking economy, despite earlier fears from critics of President Donald Trump of a possible recession in 2019 under his leadership.
The unemployment rate fell to 3.5 percent in November, matching the lowest level in 50 years, after 266k American jobs were added to the U.S. economy for the month.
According to Econoday, economists had predicted the economy would add 180,000 jobs, with unemployment remaining unchanged at 3.6 percent.
Previous jobs numbers were also revised up, further adding to the picture of strength for the labor market.
September’s figure was revised up by 13,000 to 193,000, while October's was up by 28,000 to 156,000, meaning a total of more than 41,000 extra jobs were added 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.
It indicates that tariffs on imports from steel have been less of a drag than Trump’s critics expected and the U.S. economy has withstood the headwinds of slowing growth in economies around the globe.
The jobs numbers also stand in stark contrast to the ADP National Employment Report released Wednesday which saw U.S. employers adding just 67,000, well below expectations.
Breitbart News reported Wednesday that it was likely “Moody’s could be underestimating private payroll growth.”
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.
The number of Americans working rose to 158,593,000 a record high.
That is the sixth consecutive record high for this metric.
Average hourly wages are up 3.14 percent compared with last year, above economist expectations.
In manufacturing, the average workweek increased by 0.1 hours 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.