U.S. businesses show big job gains in November

U.S. businesses show big job gains in November

The U.S. economy was humming last month, as the Labor Department reported Friday that 266,000 jobs were created in the month of November, with the nation's unemployment rate ticking down again to the historically low level of 3.5 percent, as job growth in 2018 is now almost equal to last year's levels.

Not only were 266 thousand jobs added in November, but the latest jobs report also revised growth upwards in both September and October, adding another 41,000 jobs.

Monthly average job growth in 2019 stands at just under 180,000 jobs per month, compared to 182,000 in 2018, and 195,000 in 2017.

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While some of the November job gains were attributed to workers ending a strike against General Motors, the November job gains were the second largest of 2019, trailing only the 312,000 jobs created in January.

GOP lawmakers in Congress hailed the new numbers.

While the jobs report indicated stronger than expected growth, the overall numbers in terms of U.S. economic output have shown a slower pace of growth in recent months than earlier in 2019.

The U.S. Gross Domestic Product was at 3.1 percent in the first quarter of 2019, but dropped to 2.0 percent in the second quarter.

The current estimate is for a 2.1 percent growth rate in the third quarter of 2019.

President Trump has repeatedly blamed slowing growth on the head of the Federal Reserve - whom he nominated for the post - arguing the Fed should have cut interest rates more to spur economic activity in the U.S.