The U.S. added 266,000 jobs in November, a notable increase from the 156,000 added in October, the Labor Department reported Friday morning. The numbers crushed analyst expectations of 180,000. However, the strong numbers could make it unlikely the Federal Reserve will cut interest rates for a fourth time this year.
Unemployment in November also matched a 50-year-low of 3.5 percent and wages rose 3.1 percent from a year prior. Wage growth outpaces inflation but is not as high as during other periods of low unemployment.
Hiring was strongest in health care, restaurants, and transportation. Manufacturers added 54,000 jobs in November, 41,000 of which were striking General Motors workers returning to work. Overall, manufacturing has added few jobs this year. Even so, today's news is "definitely a good report, by all means," senior U.S. economist at Deutsche Bank Brett Ryan told Cheddar.
Today's positive report offers reassurance to some that the U.S. can weather a global economic slowdown.
Although Ryan cautioned, "I don't want to say that we are necessarily out of the woods yet."
Ryan said there were a few outliers that boosted numbers in the report, notably that position services hired 16,000, which is the largest that sector has ever hired, and department stores hired 15,000 employees, which is the most hired since 2015.
Even so, U.S. labor market's ability to so far withstand the global slowdown is "really crucial for the Fed and for the economy because what everybody is banking on is the U.S. consumer and consumer spending, in particular, is going to carry the day during this business spending slowdown."
Today's report, which drove up U.S. stocks, may help bolster President Trump as he continues negotiating with China. New tariffs are set to go in effect December 15, and the report "strengthens his hand," Ryan said.
A big-screen adaptation of the anime “Chainsaw Man” has topped the North American box office, beating a Springsteen biopic and “Black Phone 2.” The movie earned $17.25 million in the U.S. and Canada this weekend. “Black Phone 2” fell to second place with $13 million. Two new releases, the rom-com “Regretting You” and “Springsteen — Deliver Me From Nowhere,” earned $12.85 million and $9.1 million, respectively. “Chainsaw Man – The Movie: Reze Arc” is based on the manga series about a demon hunter. It's another win for Sony-owned Crunchyroll, which also released a “Demon Slayer” film last month that debuted to a record $70 million.
The Federal Aviation Administration says flights departing for Los Angeles International Airport were halted briefly due to a staffing shortage at a Southern California air traffic facility. The FAA issued a temporary ground stop at one of the world’s busiest airports on Sunday morning soon after U.S. Transportation Secretary Sean Duffy predicted that travelers would see more flights delayed as the nation’s air traffic controllers work without pay during the federal government shutdown. The hold on planes taking off for LAX lasted an hour and 45 minutes and didn't appear to cause continued problems. The FAA said staffing shortages also delayed planes headed to Washington, Chicago and Newark, New Jersey on Sunday.
Boeing workers at three Midwest plants where military aircraft and weapons are developed have voted to reject the company’s latest contract offer and to continue a strike that started almost three months ago. The strike by about 3,200 machinists at the plants in the Missouri cities of St. Louis and St. Charles, and in Mascoutah, Illinois, is smaller in scale than a walkout last year by 33,000 Boeing workers who assemble commercial jetliners. The president of the International Association of Machinists says Sunday's outcome shows Boeing hasn't adequately addressed wages and retirement benefits. Boeing says Sunday's vote was close with 51% of union members opposing the revised offer.
The stunning indictment that led to the arrest of more than 30 people — including Miami Heat guard Terry Rozier and other NBA figures — has drawn new scrutiny of the booming business of sports betting in the U.S. The multibillion-dollar industry has made it easy for sports fans — and even some players — to wager on everything from the outcome of games to that of a single play with just a few taps of a cellphone. But regulating the rapidly-growing industry has proven to be a challenge. Professional sports leagues’ own role in promoting gambling has also raised eyebrows.
Tesla, the car company run by Elon Musk, reported Wednesday that it sold more vehicles in the past three months after boycotts hit hard earlier this year, but profits still fell sharply. Third-quarter earnings fell to $1.4 billion, from $2.2 billion a year earlier. Excluding charges, per share profit of 50 cents came in below analysts' estimate. Tesla shares fell 3.5% in after-hours trading. Musk said the company's robotaxi service, which is available in Austin, Texas, and San Francisco, will roll out to as many as 10 other metro areas by the end of the year.
Starbucks’ AI barista aims to speed service and improve experience. Nick Lichtenberg, Fortune Business Editor, explains its impact on workers and customers.
