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November Jobs Report: 266,000 Jobs Added, Unemployment at 3.5%

November Jobs Report: 266,000 Jobs Added, Unemployment at 3.5%

Caveat: The number included over 40,000 jobs of returning General Motor workers after the strike ended.

https://www.youtube.com/watch?v=R4q-qD8Pwoo

The November jobs report revealed the economy added 266,000 jobs. Unemployment hit 3.5%, which matches a 50-year low.

There is one caveat. The jobs report gained so many jobs due “to a reversal of the General Motors strike impact.” Economists believed this reversal would add 45,000 jobs. Overall, they expected 145,000 jobs in November.

The report showed General Motors added 41,300 jobs to the report.

Other sectors gained a handful of jobs:

  • Health care: 45,000
  • Leisure and hospitality: 45,000
  • Professional and business services: 31,000
  • Manufacturers: 54,000 (This includes the 41,300 of the GM workers)

A few sectors did not fare so well in the report:

The news was not all good. As the holiday shopping season accelerated, retail companies added just 2,000 net hires as gains in general merchandise of 22,000 and motor vehicle and parts dealers of 8,000 were offset by an 18,000 loss in clothing and clothing accessories.

Mining also showed a loss of 7,000 positions, bringing to 19,000 the total jobs lost since May.

However, in regards to retail, a lot of people shop online for Christmas presents.

Wages went up 3.1% from a year ago, but down from a peak of 3.4% in February. The average hourly wages went up to $28.29, which is 7 cents higher from October.

Bloomberg Economists have lowered “its projection of the 2020 year-end unemployment rate to 3.3% from 3.4%.” Bloomberg also noted that the “[H]iring momentum continues to surpass the growth rate of the labor force, which is closer to 100k-125k per month.”

This will help President Donald Trump in 2020 because the voters will face “the lowest election day unemployment rate since Dwight Eisenhower won his first term as president in 1952.”

Revisions for September and October included higher numbers:

In addition to the robust November gains, revisions brought up totals from the two previous months. September’s estimate went up 13,000 to 193,000 and the initial October count increased by 28,000 to 156,000. Those changes added 41,000 to the previous tallies and brought the 2019 monthly average to 180,000, compared with 223,000 in 2018.

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Comments

“However, in regards to retail, a lot of people shop online for Christmas presents.”

Also many people buy gift cards which don’t appear as sales until they are used, mostly in the following January.

Remember the doomsday predictions of the neverTrump crowd.

Remember the doomsday predictions of the no tariffs crowd.

“…voters will face “the lowest election day unemployment rate since Dwight Eisenhower won his first term as president in 1952.”

Bring back Operation Wetback from the Eisenhower days. Deport the invaders, and the numbers will get even better.

Remember that time the media was getting a hard in fir Trumos recession hahahahahahaa

“OMG! That’s horrible!” Said the Democrat members of the Intelligence Committee.

    notamemberofanyorganizedpolicital in reply to Redneck Law. | December 7, 2019 at 3:55 pm

    LOL

    One of the Universe’s greatest oxymorons…..

    RE: Democrat members of the Intelligence Committee.

At face value analysis by Zandi and all the brilliant minds at Moody’s Analytics predicted that by 2020 the unemployment rate would be 6.8% based on then candidate Trump’s economic plan. This was assuming Trump would do all the things he actually did. Hey, they were close – NOT!
.
WINNING!!!

G I’m so shocked that previous months keep getting quietly revised upwards after being lowballed the first time. And if you want to say that 40,000 jobs were added because of that strike and those were subtracted from a previous one basically so…

    Considering that I can’t remember a single month under Obama where the employment numbers were revised *up* after the fact. It was all “Look at the fantastic economy! We gained fifty jobs nationwide! Um… Oh, and last month we actually lost a few thousand, but ignore that.”

“…Other sectors gained a handful of jobs:”

45,000 + 45,000 + 31,000 + 54,000

Those seem like rather large hands…

For some reason the CNN infobabe doesn’t look too enthused with these numbers. Huh, wonder why?

We must give recognition and thanks to Nancy Pelosi and her ‘superior’ branch of congress for these fantastic numbers…

The real reason that the Dems are trying to get rid of Pres. Trump is that his three years in office completely overcomes Obama’s eight years.

Trump has proven that Obama’s claim that we must get used to high unemployment is false. it was Obama’s way to justify his ant-business regulations. Obama intended to destroy our economy. Hillary would have sealed it.

Question for the attentive viewer: In that 1:23 clip what word – or name – is not mentioned once?

Cheer up. Recession is just around the corner.

I LOVE MY PRESIDENT !!!!!!!!!!!!!!

Of course right now the MSM/DNC axis is gearing up the tried-and-true Worst Economy Since The Great Depression (TM) shtick they love to use when a Republican President is running for the-election.

The caveat about the GM returnees actually makes it even better news. The consensus forecast was for 160,000 new jobs, which included the returnees. The actually of 266,000 beat the forecast by 66%. Remove 40,000 from both sides of the equation, and you have 226,000 added vs. 120,000 forecast, or 88% higher than expected.

Not only that, but prior months were revised upward. Oh, and that 3.5% unemployment rate? It’s seasonally adjusted, which screened out the addition of holiday temporaries. The unadjustment rate was 3.2%.

Any way you slice it, this was really a blowout number. The only thing the mainstream media could do was try their best to ignore it and continue the impeachment dance. The recession dreams will not be realized. The yield curve is no longer inverted, and the intenals of the stock market show nothing but blue skies ahead.

I’ve expected Trump’s manner, or more to the point his lack of manners, to significantly attenuate his victory margin next year, but now I’m not so sure. Impeachment is a foregone conclusion, and McConnell is going to use that to maximum partisan advantage. The Democrats are in growing disarray, and there’s an increased chance of an actual landslide.

It’s still 11 months, and a whole lot can happen, but I sure wouldn’t want to be in the Democrats’ shoes right now.

    RandomCrank in reply to RandomCrank. | December 6, 2019 at 5:33 pm

    I have to correct myself here. The forecast had been 180,000 jobs, not 160,000. So, with GM included, the actual beat the forecast by 48%. Without GM included, the actual beat the forecast by 61%. Still even better news if GM is excluded, but if I’m going to discuss numbers then I should use the right ones. Mea culpa.

    “or more to the point his lack of manners”

    For the LI reader I shall interpret:

    Trump doesn’t bend over enough to suit random cranks.

Bad news for the fascist left.

Too bad obama used the ‘magic wand’ for self-pleasuring instead of using it to get jobs back to America.

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