And the survey says ... 266,000 new jobs created in November, crushing expectations of 182,000 as the strong labor market marches on. September and October payroll growth were revised higher by a total of 41,000 lifting the three-month job creation average to a solid 205,000. A 266,000 print along with unemployment and weekly claims at 50-year lows is somewhat astounding and completely lays to rest any talk of a recession for the foreseeable future.
The unemployment rate declined to 3.5%, despite 325,000 people re-entering the labor force and adding to the labor pool. This thanks to a record 164,400,000 Americans working in November. In addition, total unemployed, or the U6 number has fallen to 6.9% from 7.6% in November 2018. The Labor Force Participation Rate was little changed at 63.2% in November. Year-over-year wage growth edged higher to 3.14%, which further fuels consumer spending.
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