November U.S. job growth increased by the most in 10 months, confirming economic expansion continues

U.S. job growth increased by the most in 10 months in November confirming that the U.S. economy remains on an expansion path.

Lucia Mutikani for Reuters:

The Labor Department’s closely watched monthly employment report on Friday showed steady wage gains and the unemployment rate falling back to 3.5%.

Nonfarm payrolls increased by 266,000 jobs last month, with manufacturing recouping all the 43,000 positions lost in October, the government’s survey of establishments showed. Employment growth was also boosted by a gain of 60,200 healthcare workers. That lifted job growth well above its monthly average of 180,000 this year… The economy created 41,000 more jobs in September and October than previously estimated.

The tight labor market is generating steady wage gains. Average hourly earnings rose seven cents, or 0.2%, after increasing 0.4% in October. Wages rose 3.1% in November from 3.2% in October.

Sarah Chaney and Amara Omeokwe for The Wall Street Journal:

Employers added 266,000 jobs in November and unemployment matched a 50-year low of 3.5%, signs the U.S. economy is withstanding a global slowdown. Wages advanced 3.1% from a year earlier… U.S. employers have picked up the pace of hiring. Jobs have grown an average 205,000 per month in the three months through November.

Hiring was strong in health care, restaurants and transportation jobs. In November, manufacturers added 54,000 jobs, 41,000 of which were in auto manufacturing. General Motors Co. workers, who were on strike in October, helped drive the bounceback. The stronger pace of hiring could help juice up the broader U.S. economy, which is still expanding but at a slower pace than last year.

MacDailyNews Take: Full employment and rising wages certainly bode very well for makers of coveted goods like Apple!

24 Comments

  1. I guess the Democrat leadership can’t wish a recession into existence. And they certainly can’t take any credit for this economy, since they’ve done nothing but “inquire” obsessively about impeachment for the last almost 3 years.

  2. We MUST get rid of the President before everyone has to have a decent job and a growing 401K plan. How can we put it to the 1% if everyone is in the 1%?

    IMPEACH TRUMP NOW!

    Nancy P. (your Speaker with a life of public service living in very modest housing and no real wealth)

  3. The problem is that the income gap is increasing, the jobs in many instances do not pay well, the tax cut for the rich is creating trillions in added deficit spending, increasing medical costs are bankrupting people, and the Obama recovery can only be sustained for so long without structural change.

    1. There is no Obama recovery other than the one that occupies the infantile imaginations of dumb-dumb socialists. He was, by far, the worst POTUS in this nation’s history. (And if I am not mistaken, this is the part where you’re supposed to call me a “Racist™” or “White Supremacist™” or something devastating like that.)

      1. Glam Moosetooth ~ gotta’ ask you (again) -how’s’about providing ONE original ‘thought’?
        Maybe toss in a number from a reliable source? Suggest you consult with an Actuary (the guys in with very very sharp pencils) that guide the world’s Insurance and Re-Insurance Industry? PS -thank you for revealing your fears of misleading, inflammatory labels -ie. racist, white supremacist, while at the same time, honouring those nasty descriptions with Capital Letters. Curious that your repetitive missives are littered with abusive insults. The contradiction is ’interesting’ -a cracked pot calling a white kettle ..’Black’!! [kidding of course!] -All the best

    2. There was no Obama recovery. There was the Obama scam, attempted theft of all the major energy companies, the takeover of the banks, the regulation to death of the auto companies, the demoralization of the entire population and the proposed abortion of all future children. That was the Obama recovery.

      1. Wow! -that’s a lot to think about. That’s the reason you kept your money out of the stock market, right? Nevertheless, regulations (like, making seat belts mandatory) are killing us! -the guv should let them be an Option again. Make it ‘a choice’.If you don’t want one -you shouldn’t be forced to pay for it. -the Insurance industry might have something to say about that -another Obama CON-spiracy to fix a Leftist Seatbelt Industry! (could you add that to your list next time?) Kidding of course. -All the best.

  4. Pretty easy to engineer an economic expansion with a $2 trillion, debt-fueled, unfunded fiscal stimulus package at the tail end of an economic growth cycle. Remember when the Republicans wouldn’t vote for fiscal stimulus at the depths of the recession? The Republicans better NEVER utter a single word ever again about fiscal responsibility. Their principles are a complete pile of horses**t.

    As for job growth, a graph of running totals for job creation from 2010 to today is a completely straight trend line, so Trumps policies have dome nothing to increase the rate of hiring over that of the Obama admin, he’s just bankrupting us and handing billions to the 1%.

    Also, for those not paying attention, the commercial financing markets have completely broken down and the Fed is having to dump $80-100 billion into the Reop market every single day for the past couple of months, and the latest Fed balance sheet statistics have also shown a $375B increase in M2 in just the past 75 days, which says that quantitative tightening has been reversed and we are now back at QE, so there is monetary stimulus on top of fiscal stimulus. Jerome Powell has made a complete farce of the idea of Fed independence and he is doing Trump’s bidding out of fear of mean tweets. This will not end well, so enjoy civilization while it lasts.

    Whats the MAGA argument to justify all of this? Go broke to own the libs?

      1. For the record, I am not a “left-winger”, I was registered as a Republican most of my life. Also for the record, I have 3 degrees in economics, specializing in international trade and money flow, and own 2 industrial businesses. I also do economic and data analysis consulting work. What are your qualifications? You watch Tucker in the evening?

        1. ” I have 3 degrees in economics.” Ha, ha, ha! There’s your problem right there. Overeducated and propagandized whilst simultaneously had your gray matter common sense completely erased! Steve Jobs never attended more than one or two semesters and was actually auditing calligraphy classes for some of that. His economic sense was infinitely superior to yours by a factor of… well, infinity!!!

          1. Thank you for proving the irrelevancy of your opinion. You have no ability to argue your position, so you resort to ad hominem attacks. I’m flattered by your admission that I’ve won the debate.

        2. Paul Krugman is an economist, too, and he’s full of utter shite.

          Your original post did not make a case for anything. A solid economics case takes more than a few paragraphs of decontextualized data. If you were the expert you’re pretending to be, you would understand that.

          As for you being a Republican, so is Bill Kristol, David French, Ben Shapiro, Jorge Bush, and countless other worthless neocons.

          P.S. Who is “Tucker”?

        1. You didn’t make a case for anything. You merely made a handful of bare assertions. And since you’d need to type a whole lot more to remotely make even one argument—correct or not—I’m afraid you’ll just have to live with the fact that we both know you’re as full of it as Paul Krugman and his sorry ilk.

          Like I said before, you’re a left-winger. Accept what you are and move on.

        2. Someone who thinks that Donald Trump is a conservative in any meaningful sense is not in a position to call anybody liberal. As for the notion that academic training and practical experience somehow make someone less competent than a failed casino operator who played a billionaire on TV, Isaac Asimov said it best:

          “Anti-intellectualism has been a constant thread winding its way through our political and cultural life, nurtured by the false notion that democracy means that ‘my ignorance is just as good as your knowledge.’”

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