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.
At 100 years old, the Goodyear Blimp is an ageless star in the sky. The 246-foot-long airship will be in the background of the Daytona 500 — flying roughly 1,500 feet above Daytona International Speedway, actually — to celebrate its greatest anniversary tour. Even though remote camera technologies are improving regularly and changing the landscape of aerial footage, the blimp continues to carve out a niche. At Daytona, with the usual 40-car field racing around a 2½-mile superspeedway, views from the blimp aptly provide the scope of the event.
You'll just have to wait for interest rates (and prices) to go down. Plus, this deal's a steel, the big carmaker wedding is off, and bribery is back, baby!
It’s a chicken-and-egg problem: Restaurants are struggling with record-high U.S. egg prices, but their omelets, scrambles and huevos rancheros may be part of the problem. Breakfast is booming at U.S. eateries. First Watch, a restaurant chain that serves breakfast, brunch and lunch, nearly quadrupled its locations over the past decade to 570. Fast-food chains like Starbucks and Wendy's added more egg-filled breakfast items. In normal times, egg producers could meet the demand. But a bird flu outbreak that has forced them to slaughter their flocks is making supplies scarcer and pushing up prices. Some restaurants like Waffle House have added a surcharge to offset their costs.
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U.S. tariffs on steel and aluminum “will not go unanswered,” European Union chief Ursula von der Leyen vowed on Tuesday, adding that they will trigger toug
The Trump administration has ordered the Consumer Financial Protection Bureau to stop nearly all its work, effectively shutting down the agency that was created to protect consumers after the 2008 financial crisis and subprime mortgage-lending scandal. Russell Vought is the newly installed director of the Office of Management and Budget. Vought directed the CFPB in a Saturday night email to stop work on proposed rules, to suspend the effective dates on any rules that were finalized but not yet effective, and to stop investigative work and not begin any new investigations. The agency has been a target of conservatives since President Barack Obama created it following the 2007-2008 financial crisis.
