A Blowout November Jobs Report
The U.S. job market bounced back in November.
Nonfarm payrolls increased 266,000 last month, a 10-month high and well above consensus estimates for a 180,000 gain. September and October payrolls were also revised up by 41,000. Manufacturing payrolls climbed by 54,000 in November, but about 40,000 of that rise reflected workers returning from the General Motors strike.
Job creation has slowed somewhat this year as the economic expansion has matured. However, as shown in the LPL Chart of the Day, the pace of hiring is still noticeably above the expansion average, an impressive feat in the cycle’s 11th year.
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