The U.S. economy added far more jobs than expected in November according to the latest numbers released by the Bureau of Labor Statistics (BLS). The joblessness rate also reached another 50-year low.
Total nonfarm payroll employment rose by 266,000 in November. Job growth has averaged 180,000 per month so far in 2019, BLS reports, compared to the average monthly gain of 223,000 in 2018.
Overall, the private sector added 254,000 new jobs in November, far more than the 178,000 expected jobs, and the 163,000 added in October.
Education and health services industries added 74,000 jobs, more than double the numbers added in October. Business services and leisure also added 38,000 and 45,000 positions, respectively.
The manufacturing sector added 54,000 jobs, exceeding the estimated 40,000 jobs initially projected by economists.
“This is a blowout,” Maria Bartiromo, Fox Business Global Markets Editor Mornings, said. “Look at these manufacturing numbers, a blowout.”
The latest jobs report also included upward revisions to previously announced payroll data, BLS said. September’s change in total non-farm payrolls increased by 13,000 to 193,000; October’s increased by 28,000 to 156,000. These updates raised the three-month average of job gains to 205,000.
“The domestic labor market continued to fire on all cylinders,” reported Yahoo! Finance, saying the figures exceeded all expectations.
The unemployment rate also dropped to 3.5 percent, matching September’s, the lowest level since 1969.
“The incredible job growth we saw in November is more evidence that now is the perfect time for work-focused welfare reform,” Kristina Rasmussen, senior fellow at the Foundation for Government Accountability, told The Center Square. “The Trump administration’s latest food stamp rule will make sure that those who can work, but are stuck in dependency, are able to get off the sidelines and into the hottest job market in a generation.”
In the wake of the report, stock futures added to gains, the Dow increased by more than 150 points, and Treasury yields surged.
Of the numbers, President Donald Trump tweeted, “Stock Markets Up Record Numbers. For this year alone, Dow up 18.65 percent, S&P up 24.36 percent, Nasdaq Composite up 29.17 percent. GREAT JOBS REPORT!”
This article was first published by The Center Square.