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Labor Department Report Shows 266,000 New Jobs in December

By: Politicized News

· Business

The Department of Labor published its November Employment Report, revealing a 3.5% unemployment rate and an average monthly payroll gain between August, September, and November up to 205,000. The net payroll increase reached 266,000, which the New York Times writes to “offer...a counterpoint to recent anxieties about an escalating trade war and a weakening global economy.”

U.S. Secretary of Labor Eugene Scalia issued the following statement in response to the report’s publication: “the unemployment rate of 3.5% matched the September 2019 rate, a level that has not been achieved since 1969. November 2019 marks the 21st consecutive month in which the unemployment rate has been at or below 4%.”
President Trump tweeted on the topic in corroboration, writing that “stock markets [are] up record numbers. For this year alone, Dow [is] up 18.65%, S&P [is] up 24.36%, [and] Nasdaq Composite [is] up 29.17%.” Thus, the economic growth confirmed by the Dept. of Labor exists not only with regards to the unemployment rate, but the stock market as well.
The report came as a shock to many economists who predicted less flourishing growth as a result of the General Motors strike, but nonetheless, November saw “strong gains in most industries,” according to the Bureau of Labor Statistics.
Despite the larger context of U.S. trade tensions continuing to build, the November report provides a snapshot into a resoundingly healthy labor market.

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