John Carney 6 Dec 2019
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 180,000 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. It indicates that tariffs on imports from steel have been less of a drag than President Donald 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 contract 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.â€
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https://www.breitbart.com/economy/2019/12/06/america-created-266000-jobs-in-november/
