The U.S. Bureau of Labor Statistics reported that 266,000 new jobs were added to the economy last month, far in excess of economists' forecasts. The unemployment rate slipped to 3.5%, the lowest rate since 1969.
At the same time the average hourly wages grew by 0.2% on a monthly basis which was in-line with forecasts and 3.1% year-over-year. In other words the average wage is 3.1% higher than it was just one year ago.
All of that is very good news for the economy in general, and especially American workers. It is a clear indicator that the economy is not slowing down despite what some media sources report, and despite what is happening in other parts of the world. Further it appears that the the ongoing trade related uncertainties between the U.S. and China have had little impact upon the economy as a whole.
With respect to the various employment sectors, manufacturing employment rose by 54,000 in November, following a decline of 43,000 in the prior month. Within manufacturing, employment in motor vehicles and parts was up by 41,000 in November, reflecting the return of workers who were on strike in October.
In November, employment in leisure and hospitality continued to trend up (+45,000). The industry has added 219,000 jobs over the last 4 months.
Employment in transportation and warehousing continued on an upward trend in November (+16,000). Within the industry, job gains occurred in warehousing and storage (+8,000) and in couriers and messengers (+5,000).
Financial activities employment also continued to trend up in November (+13,000), with a gain of 7,000 in credit intermediation and related activities. Financial activities has added 116,000 jobs during the past 12 months.
Mining lost jobs in November (-7,000), largely in support activities for mining (-6,000). Mining employment is down by 19,000 since their peak of May 2019.
In November, employment in retail trade was slightly up (+2,000). Within the industry, employment rose in general merchandise stores (+22,000) and in motor vehicle and parts dealers (+8,000), while clothing and clothing accessories stores lost jobs (-18,000).
Employment in other major industries--including construction, wholesale trade, information, and government--showed little change during November.
Adapted from the United States Department of Labor - Bureau of Labor Statistics - Economic News Release - Employment Situation Summary issued 8:30 a.m. (EST) Friday, December 6, 2019.