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The economy added 266,000 jobs in November, according to the Bureau of Labor Statistics’ (BLS) monthly Employment Situation Report released today. The job totals for September and October were also revised upward, leading to a total increase of 41,000 additional jobs.
The return of the striking GM workers boosted November payrolls, as well. Taking the average over the past 2 months, job growth has been 211,000 per month (netting out the impact of GM on each month’s numbers). This is an increase in the rate of job growth from earlier in 2019.
November’s impressive gain greatly exceeded median market expectations by 44 percent and brought 2019’s average monthly job creation to 180,000. Since President Trump’s election, the economy has added more than 7 million jobs—5.1 million more jobs than the Congressional Budget Office projected in its final forecast before the 2016 election.
In the 36 months since President Trump was elected, the economy has created at least 100,000 jobs in 33 of those months and has added jobs every month. Considering the unprecedented length of the expansion and the 50-year low unemployment rate, continued job growth at this point again demonstrates that today’s labor market remains strong.