Soaring job creation: United States job creation soars in November, boosting Trump


Based on the Federal Reserve's preferred inflation measure, the Personal Consumption Expenditures (PCE) price index, inflation in the past year was 1.3 percent as of October, meaning real wages increased at a year-over-year rate of 1.9 percent (November inflation data is not yet available).

The Department of Labor reported Friday that employers added 266,00 jobs last month, the largest number since January.

But education and health services industries added 74,000 jobs, more than double these industries' additions from October.

Manufacturing employment rebounded by 54,000 jobs in November.

USA job creation soared last month as hospitals, hotels and schools raced to add new workers, a shot in the arm for Donald Trump's economic stewardship as he faces impeachment and a bitter fight for reelection. In 2018, it added about 223,000 jobs a month, a bit under what it added in 2015 and well under the 251,000 added a month in 2014.

The Canadian economy posted its biggest monthly job loss since the financial crisis as the unemployment rate also pushed higher in November.

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Childs also views job losses in hospitality and cultural sectors as indicators more people are either saving their disposable income, or they just don't have it.

Atlantic Canada in general, and Newfoundland and Labrador specifically, were hit the hardest by unemployment last month. With lots of jobs lost and unemployment, it's not the most wonderful time of year for some people.

"Uncertainty combined with job losses is weighing on the market", AREA chief economist Ann-Marie Lurie said in a news release. The S&P 500 and Nasdaq Composite gained 0.7 percent and 0.8 percent, respectively.

NICK BUNKER: Their customers are here in the USA, and the US consumer is still strong, and that's feeding into steady and stable employment growth for those industries.

The American job market shows no sign of slowing; if anything, it's picking up steam.

Joseph Wolfers, professor of economics and public policy at the University of MI, said the resilience of the USA economic expansion is extremely impressive.

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Some two dozen top economists told Bankrate in a Q4 poll that there was a 35 percent chance of a recession in 2020, compared to a 41 percent chance expressed in a similar Q3 survey.

In a similar echo of greater confidence in the fourth quarter than in the third, key details of Monday's Institute for Supply Management (ISM) report were upbeat, including new orders and services industry employment. Factory orders ex transportation also edged up 0.2% in October, up from a 0.3% slide in the previous month.

Full-time positions dropped by 38,400, while part-time jobs fell by 32,800.

"After holding steady in October, employment fell by 71,000 (-0.4%) in November".

It marks the 110th month of straight gains. Unemployment rose 40 basis points to 5.9 per cent. "Job openings are declining and if job growth slows any further unemployment will increase", he said.

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