Government data showed hiring saw the biggest surge in 10 months in November. Employers added a much stronger-than-expected 266,000 jobs for the month, and job gains for the two months before that were upwardly revised
WASHINGTON - U.S. job growth increased by the most in 10 months in November as the healthcare industry boosted hiring and production workers at General Motors returned to work after a strike, the strongest sign yet the economy is in no danger of stalling.
U.S. central bank policymakers are expected to highlight the economy’s resilience when they meet on Dec. 10-11, though trade tensions continue to reverberate in the background. The largest increase in payrolls since January pushed job growth well above its monthly average of 180,000 this year. Economists polled by Reuters had forecast payrolls rising by 180,000 jobs in November. The economy created 41,000 more jobs in September and October than previously estimated.
Job openings are near a 1-1/2-year low, small business hiring intentions have softened relative to 2018 and the Institute for Supply Management survey’s measure of factory employment has contracted for four straight months. A broader measure of unemployment, which includes people who want to work but have given up searching and those working part-time because they cannot find full-time employment, fell to 6.9% from 7.0% in October. The labor force participation rate, or the proportion of working-age Americans who have a job or are looking for one, dipped to 63.2% in November from more than a six-year high of 63.3% in October.
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