US job growth roars back in November, with 266,000 added - Fox Business

U.S. company payrolls rose by 67,000 in November, according to the latest ADP report. FOX Business’ Lauren Simonetti with more.

U.S. hiring surged in November, as the economy added 266,000 jobs and unemployment returned to a half-century low, a sign the U.S. is powering through a global slowdown.

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The payroll number easily topped the estimate of 180,000 from economists surveyed by Refinitiv, who also saw the unemployment rate holding steady from October's 3.6 percent.

Unemployment ticked down slightly to 3.5 percent as more people were looking for work, matching a 50-year low. The labor force participation rate was little changed at 63.2 percent. Average hourly earnings, meanwhile, rose by 3.1 percent over the past year to $28.29.

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Revisions, meanwhile, added 41,000 jobs for the prior two months, bringing the three-month average to 205,000, a 10-month high. (September increased by 13,000 to 193,000, and October jumped by 28,000 to 156,000). Still, job growth on average is slower than it was in 2018: The 2019 monthly average is 180,000 jobs per month, compared with an average gain of 223,000 last year.

One reason for the rebound is the conclusion of the General Motors strike at the end of October. The motor vehicles and parts sector boosted employment with 41,300 workers in November, adding to the 54,000 jobs created in manufacturing last month. In October, when the economy added a better-than-expected 156,000 jobs, the motor vehicles and parts manufacturing posted a decline of 42,000 workers.

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The blockbuster report provides further evidence that the longest economic expansion on record will continue and reinforces the Federal Reserve's characterization of the labor market as "strong". It also affirms the central bank's decision to press pause on further interest rate cuts this year. Economists widely expect policymakers to leave interest rates unchanged at their two-day meeting next week.

“This is a blowout number and the U.S. economy continues to be all about the jobs,” said Tony Bedikian, managing director of Citizens Bank.

This is a developing story. Please check back for updates.

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https://news.google.com/__i/rss/rd/articles/CBMiSGh0dHBzOi8vd3d3LmZveGJ1c2luZXNzLmNvbS9tYXJrZXRzL25vdmVtYmVyLWpvYnMtcmVwb3J0LWVtcGxveW1lbnQtZGF0YdIBTGh0dHBzOi8vd3d3LmZveGJ1c2luZXNzLmNvbS9tYXJrZXRzL25vdmVtYmVyLWpvYnMtcmVwb3J0LWVtcGxveW1lbnQtZGF0YS5hbXA?oc=5

2019-12-06 13:21:43Z
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