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US economy exceeds November job predictions

Approximately 266,000 jobs were created in the United States last month, exceeding the expectations of analysts by 41,000 jobs, according to the Department of Labor.

The economy added 266, 000 jobs last year. (Photo: nytimes.com)

With the revision, a total of 6.6 million jobs were created since January 2017, the Department said in a statement late last week.

The unemployment rate stands at 3.5 per cent, similar to the rate found in September which is “a level that has not been achieved since 1969”, said US Secretary of Labor, Eugene Scalia adding that “November 2019 marks the 21st consecutive month in which the unemployment rate has been at or below four per cent.”

“But we must continue to seek more expansion and opportunities for all Americans—and a critical step in that direction is enactment, now, of the United States-Mexico-Canada Agreement.”

– US Secretary of Labor, Eugene Scalia

“Year-over-year wages have grown at or above 3.0 per cent for 16 straight months. It is encouraging to see sectors like retail and leisure and hospitality leading wage growth.

Scalia said, “Today’s report shows the economy continues to flourish. But we must continue to seek more expansion and opportunities for all Americans—and a critical step in that direction is enactment, now, of the United States-Mexico-Canada Agreement.”

US Secretary of Labor, Eugene Scalia (Photo: fortune.com)

The US Bureau of Labor Statistics said that notable gains were made in healthcare and professional and technical services. What’s more, employment increased in manufacturing, which it said is a reflection of he end of the strike by General Motors employees which saw some 40,000 workers walking off the job. Striking workers would have been considered unemployed for the monthly report made in October.

Drilling into the overall figure, Manufacturing increased by 54,000 jobs (to include the previously striking workers); Healthcare added 45,000 jobs in the month; Leisure and Hospitality increased by 45,000; followed by professional and technical services which had a further 31,000.

The Bureau also said there are 1.2 million long-term unemployed individuals or people who were without jobs for 27 weeks or more, which is essentially unchanged from the previous month.