This breaking news article on Jobs Growth For November 2019 Skyrockets To 50-Year Record Was PUBLISHED On December 6th, 2019
Jobs Growth numbers were released this morning by the U.S. Labor Department.
- The job growth numbers came in better than expected sending the Dow Jones Industrials soaring triple digits
- The U.S. economy is booming under the Trump Administration
- We have record unemployment numbers, low inflation, low-interest rates, rising home prices, and the best economy in history
- All the positive economic news is creating a strong housing market
- More and more Americans are realizing the dream of homeownership become a true reality
- Mortgage rates are at historic lows, and lending guidelines on government and conventional loans are becoming lenient to make qualifying for a mortgage possible
- Many mortgage companies launched non-QM and alternative financing programs for homebuyers who do not meet the government and conforming mortgage agency guidelines
- Home prices have been increasing in most markets
- Due to rising home prices, both HUD and the FHFA have been increasing FHA Loan Limits and Conforming Loan Limits for the past four years in a row
- Never in history has the housing market been so strong and solid
- There are not any signs of a housing market correction in the foreseeable future
In this article, we will cover and discuss the breaking news of Jobs Growth For November 2019 Skyrockets To 50-Year Record.
Importance Of Jobs Growth For The U.S. Economy
Today’s job growth numbers stunned everyone.
- The data released exceeded analyst’s expectations
- Nonfarm payrolls skyrocketed by 266,000 in November
- This number far exceeded the expectations by analysts of 187,000
- The unemployment numbers registered at 3.5% which is the lowest rate since 1969
General Motors ended their strike which affected the job growth numbers.
More Breaking News On Spike In Earnings
This whole week has been a great week with positive breaking news in the housing sector.
- Both HUD and the FHFA increased FHA and Conforming Loan Limits for four years in a row due to rising home prices and the booming housing markets
- Job growth numbers hit a 50-year record
- To top off the great job growth data, average hourly earnings rose by 3.1% from a year ago
- Industry experts and analysts have been predicting a 3.0% wage earnings growth
Again, the economy has far exceeded economist’s expectations.
The November Stellar Job Market
The White House boasted Friday’s Job Growth number.
- The Trump economy has been rocking since President Trump took office
- Record job numbers and growth
- Record unemployment rates for Asians, Blacks, Hispanic, and Women. Historic low mortgage rates
- Booming housing market. Record high stock market
- The largest number of homeowners in history
The breaking news by the Labor Department with the nonfarm payrolls surging by 266,000 and the unemployment rate falling to 3.5%, sent the stock market skyrocketing to all-time new record highs.
What Experts At Gustan Cho Associates Are Saying About The Jobs Growth Numbers
See the graph below:
Job growth numbers varied between job sectors.
- There were 45,000 jobs added in the health care field
- This was a great jump from the 12,000 added in the month of October
- The hospitality sector added 45,000 jobs
- The business support sector added 31,000 jobs
- The hospitality and business sectors were up 219,000 and 278,000 over the past 12 months
- As mentioned earlier, the average hourly earnings spiked 3.1% which is higher than the 3.0% forecasted
The average workweek for American workers remained unchanged at 34.4 hours.
Jobs Growth Of Discouraged Workers
Record Numbers In 50-Years
See the chart below:
Negative Job Sectors
Jobs growth was not uniform for all sectors. Retailers only added 2,000 net hires during the holiday shopping season. The merchandise sector gained 22,000 jobs. The motor vehicle and accessories sector gain 8,000 jobs. There was a net loss of 18,000 jobs in the clothing sector. The mining sector showed a loss of 7,000 jobs. The mining sector had a net loss of 19,000 positions since May 2019. Fears of a recession have slowed since the beginning of summer. Trump’s trade war fears seem to have stabilized. The Federal Reserve Board is taking steps to avoid a recession by cutting interest rates multiple times in 2019. Consumer confidence remains strong. The Federal Reserve Board is expected to meet next week. The Feds is expected to leave interest rates alone unless there are any signs to lower them again.
December 6, 2019 - 4 min read