President Trump brought Christmas a little earlier this year in the form of a November jobs report which showed 266,000 jobs were added to the economy, unemployment is at the lowest it has been in 50 years, and that there are 3 million fewer Americans on unemployment rolls from this same time five years ago.
The Western Journal reports the 2014 November jobs report read: “In November, the unemployment rate held at 5.8 percent, and the number of unemployed persons was little changed at 9.1 million. Over the year, the unemployment rate and the number of unemployed persons were down by 1.2 percentage points and 1.7 million, respectively.”
Comparatively, the 2019 jobs report showed the Bureau of Labor Statistics found: “Both the unemployment rate, at 3.5 percent, and the number of unemployed persons, at 5.8 million, changed little in November.“
And, from the Western Journal:
And that wasn’t the only early Christmas present for the Trump administration in the report, either.
Hourly wages were up 3.1 percent from a year ago, another number that beat expectations.
The number of employees who were employed part-time for economic reasons — meaning they would have preferred full-time work — was at 4.3 million in 2019. That number was 6.9 million five years ago.
The number of long-term unemployed — defined as being jobless for 27 weeks or more — was at 1.2 million. That figure was 2.8 million in the 2014 report.
“It’s a significant surprise because economists were ready to go with the idea that payroll growth was slowing down because the job market had gotten tight,” Stephen Stanley, chief economist at Amherst Pierpont, told Bloomberg.
CNBC reports Larry Kudlow, director of the National Economic Council, described the figures as “very strong.”
“Bottom line, America is working,” he also said.
Adding, “These are very strong numbers. These are happy numbers, these are sunny Friday numbers.”
The jobs growth was the best since January’s 312,000 and well clear of the November 2018 total of 196,000. While hopes already were up, much of that was based on the return of General Motors workers following a lengthy strike. That dynamic indeed boosted employment in motor vehicles and parts by 41,300, part of an overall 54,000 gain in manufacturing. The vehicles and parts sector had fallen by 42,800 in October.
Health care added 45,000 positions after contributing just 12,000 in October.
Leisure and hospitality increased by 45,000 and professional and business services rose by 31,000; the two sectors respectively are up 219,000 and 278,000 over the past 12 months. Wage gains also were a touch better than expectations.
Average hourly earnings rose by 3.1% from a year ago, while the average workweek held steady at 34.4 hours.