Hiring in the U.S. increased in November 2019 to the highest rate since January of the same year and wages increased over three percent.
Employers paid no attention to trade conflicts and a worldwide slowdown and added 266,000 positions. In October, the unemployment rate dropped from 3.6 percent to 3.5 percent, matching a 50-year low, according to the Labor Department. The Dow Jones industrial average soared over 300 points to the cheers of investors.
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Even with the trade war with China or the report that companies are struggling to find workers, the job gains report remained very healthy. The resilience of the U.S. job market and economy, along with the pace of hiring, is the longest on record. The steady job increases helped give confidence to consumers that with the economy expanding, their jobs will remain secure. An even more significant driver of growth is consumer spending, which has remained strong.
Gad Levanon, a Conference Board economist, said, “Today’s jobs report, more than any other report in recent months, squashed any lingering concerns about an imminent recession in the U.S. economy.” Consumers entered the holiday season with the ability and willingness to spend. The healthy information would suggest the Federal Reserve is unlikely to cut rates anytime soon. Chairman Jerome Powell said the Fed is not looking to raise rates until inflation has risen consistently, which has not happened yet.
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