In the USA 266 000 of new jobs for a month were created: the most demanded areas
According to data released on Friday by the Department of Labor, the US labor market in November showed amazing results: the number of jobs in the non-agricultural sector increased by 266 000, and the unemployment rate fell to 3,5%.
Wall Street economists surveyed by the Dow Jones expected stable job growth on 187 000 units and expected unemployment to remain stable - 3,6%, as in October, writes Fox Business. The results "exceeded expectations," the publication notes. The value of stocks and bond yields also increased.
“Bottom line: America is working,” said National Economic Council Director Larry Kudlow. - These are very strong numbers. These are lucky numbers. ”
Job growth was the best after 312 000 in January and outperformed the November 2018 data of the year - 196 000. Although the hopes had already been realized, most of the results were based on the return of General Motors workers after a long strike. This dynamic has truly increased employment in the automotive industry at 41 300, which is part of the overall growth in 54 000 in manufacturing. The sector of vehicles and spare parts in October declined by 42 800 positions.
New jobs were distributed among many sectors. The healthcare sector added 45 000 jobs after only 12 000 appeared in October.
In the leisure and hospitality industry, jobs grew at 45 000, in the field of professional and business services - at 31 000; both sectors have grown respectively on 219 000 and 278 000 over the past 12 months. Wage growth was also better than expected.
The average hourly earnings increased by 3,1% compared to the previous year, while the average working week remained unchanged at 34,4 hours. In addition to significant November growth, the changes brought the average monthly value of 2019 of the year to 180 000 compared to 223 000 in 2018.
“This is an explosive figure, and the US economy is still focused on jobs,” said Tony Bedikyan, head of global markets at Citizens Bank. - The unemployment rate is at the 50-year low, and wages are rising. Business owners may become more cautious due to trade and political uncertainty, and growth may be slow, but consumers continue to spend. ”
The unemployment rate in 3,5% compared to 3,6% in October returned to the lowest of the 2019 year and corresponds to the lowest since the 1969 year. According to the calculations of the Federal Reserve of Atlanta, the US economy needs to create about 107 000 jobs per month in order to keep the unemployment rate stable.
But the news does not please everyone. As the holiday shopping season progressed, retailers added a total of 2 000 net jobs, and the mining industry lost 7000 jobs, resulting in 19 000 jobs lost in May.
A report on jobs was presented in a difficult year for the US economy. Fears of recession intensified in late summer. The trade war between the US and China also raised concerns about instability, and the bond market sent signals related to a possible recession. The Federal Reserve has responded to this by lowering the base interest rate by 3 times. This time the Fed is convening next week, and officials have made it clear that they are not planning further rate changes unless the conditions change significantly.
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