by Keith Wilkinson
According to Forbes, the U.S. economy is surging adding an astounding 266,000 jobs for the month of November. With an unemployment rate at 3.5 percent, matching the lowest level in 50 years. Economists had expected the economy to add 180,000 for the month. However, they did not expect the unemployment rate to change from 3.6 percent to 3.5 percent according to Econoday.
Adding to the picture of strength for the labor market, previous job numbers were revised up. September’s figures were revised up by 13,000 to 193,000. October numbers were also bumped up by 28,000 to 156,000. Together, that adds 41,000 more jobs than previously reported citing yahoo finance.
Manufacturing employment also rebounded by 54,000, following last month’s decline of 43,000. Most of this increase was due to the return of 41,000 workers in the automotive sector following the ending of the labor strike at General Motors. Significant job gains were also seen in the health care sector and in professional and technical services.
Transportation and warehousing added 16,000 jobs. While the mining industry, lost 7,000 jobs while the construction and government sectors saw little change. Job growth has averaged 180,000 new positions per month so far this year, compared to 223,000 per month in 2018.
Along with the flourishing job growth, the wage growth continued to outpace inflation last month but remained stubbornly below what would be expected with an unemployment rate at its lowest level in half a century. Average hourly earnings rose 3.1% year-over-year in November, a slight uptick from a month earlier but short of the peak growth levels seen in early 2019. The US has added an average of 180,000 jobs a month this year, compared with an average monthly gain of 223,000 in 2018.