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A Strong Jobs Report Drives Holiday Cheer

Job creation bounced back in November, in a big way. According to the Labor Department,…

  • December 15, 2019

Job creation bounced back in November, in a big way. According to the Labor Department, the economy added 266,000 in November – beating expectations. The unemployment rate was little changed at 3.5 percent. All of this put’s economists in a happy holiday mood, for the most part.

In November, notable job gains occurred in health care and in professional and technical services.

Employment also increased in manufacturing, reflecting the return of workers from the GM strike. Employment continued to trend up in leisure and hospitality, transportation and warehousing, and financial activities, while mining lost jobs.

Average hourly earnings for all employees on private nonfarm payrolls rose by 7 cents in November, to $28.29. Over the last 12 months, average hourly earnings have increased by 3.1 percent.

In November, average hourly earnings of private-sector production and nonsupervisory employees rose by 7 cents to $23.83.

The official tally of jobs added September was revised up by 13,000 from +180,000 to +193,000, and the change for October was revised up by 28,000 from +128,000 to +156,000.

With these revisions, employment gains in September and October combined were 41,000 more than previously reported. (Monthly revisions result from additional reports received from businesses and government agencies since the last published estimates and from the recalculation of seasonal factors.)

After revisions, job gains have averaged 205,000 over the last 3 months.

What’s not to like?

Job growth has averaged 180,000 per month thus far in 2019, compared with an average monthly gain of 223,000 in 2018. So, we have seen a slowdown in job production.

Overall, though, the November jobs report reflects a still-strong economy.

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