Data released by the Bureau of Labor Statistics on Friday showed encouraging news for the U.S. economy. According to their report, the U.S. added 199,000 jobs in November, and the unemployment rate fell to 3.7%.
Furthermore, job growth in October was even more impressive with an addition of 237,000 jobs. The revisions also showed a solid increase of 32,000 jobs, which further indicates the health of the labor market.
What is even more noteworthy is that a large part of the job gains were in the manufacturing sector, which added 54,000 jobs in November. This is especially impressive as many had expected factories to struggle more amid global worries of a possible economic slowdown.
Furthermore, the average hourly earnings for all private employees have risen 3.1% from the last year, which shows an increase in pay for workers. These encouraging numbers show the health of the economy and point towards continued positive growth in 2019.
In conclusion, the U.S. economy gained 199,000 jobs in November and the unemployment rate fell to 3.7%, marking a strong end to 2018 and an encouraging start to 2019. Although U.S. factories still face uncertainties due to the global economic slowdown, the continued growth in the labor market and average hourly earnings point towards a resilient U.S economy.
