US jobs increased by 266,000 in November, soundly beating estimates
US non-farm payroll employment increased by 266,000 in November, compared with a consensus estimate of 187,000.
Job growth accelerated in November as former striking workers returned to General Motors Company’s (NYSE:GM) payrolls, indicating that the economy remained on a moderate expansion path despite a prolonged manufacturing slump.
The jobless rate dipped to 3.5%, matching the lowest since 1969. Average hourly earnings climbed 3.1% from a year earlier, exceeding projections. Private employment jumped by 254,000.
Job gains broad-based
Manufacturers rebounded, adding 54,000 jobs after a 43,000 drop the prior month, mostly reflecting GM workers returning to work. Despite the boost, factories have faltered amid weak global demand and U.S.-China trade tensions that have curbed business expansion plans.
Job gains were broad-based across industries, led by a 206,000 gain for private service providers that was the best since January.
But the participation rate, or share of working-age people in the labor force, fell to 63.2% after 63.3% the prior month.
Dow Jones Industrial Average futures were up 142 points, or 0.51%, just after the report was released.
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Story by ProactiveInvestors
Source: https://www.proactiveinvestors.com/companies/news/908659/us-jobs-increased-by-266000-in-november-soundly-beating-estimates-908659.html
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