US economy added 266,000 jobs in November

Jobs -

The US economy added 266,000 jobs last month, the largest gain in 10 months, according to official data released by the Labor Department on Friday.

The number of jobs added in November was “well above” what analysts had forecast of approximately 180,000.

The jobless rate dropped from 3.6% to 3.5% and wage growth also increased, up 3.1% year-on-year.

Manufacturing employment rose by 54,000 in November, after a drop of 43,000 in October. Healthcare added 45,000 jobs and employment in professional and technical services increased by 31,000 in November.

The growth in November was helped by the return of General Motors workers from a strike in October.

U.S. Secretary of Labor Eugene Scalia issued the following statement on the November 2019 Employment Situation report:

“The November jobs report vastly outpaced predictions, with 266,000 jobs created. With 41,000 jobs in upward revisions for September and October, 6.6 million total jobs have been created since January 2017.

“The unemployment rate of 3.5% matched the September 2019 rate, a level that has not been achieved since 1969. November 2019 marks the 21st consecutive month in which the unemployment rate has been at or below 4%.

“Year-over-year wages have grown at or above 3.0% for 16 straight months. It is encouraging to see sectors like retail and leisure and hospitality leading wage growth.

“Today’s report shows the economy continues to flourish. But we must continue to seek more expansion and opportunities for all Americans—and a critical step in that direction is enactment, now, of the United States-Mexico-Canada Agreement.”