Employers in the U.S. added 266,000 jobs in November, crushing expectations and lowering the unemployment rate to 3.5%–the lowest since September 1969.
Based on the jobs report, stocks surged, opening up opportunities for expansion… and more jobs. November’s hiring jump is the biggest since January, which added 312,000 people to payrolls across the U.S.
The jobs data is basically a snapshot of the state of the economy. With the report released by the Bureau of Labor Statistics crushing the 180,000 new jobs forecasted by analysts for the month, the Dow Jones industrial average went up more than 300 points by midday on Friday.
November’s increase was due in part to the thousands of General Motors workers who came back to work after a lengthy strike in October. Of the new jobs added, 54,000 were manufacturing jobs, which included the GM workers who came back to their jobs after the strike.
Job Market Stable
The good news is that the job market is stable and has remained steady over the past nine years.
As Indeed Hiring Lab research director Nick Bunker wrote in an analysis of the ob report, “Looking at the high number of jobs that were added in November, you might forget that the story for most of this year was that the economy was slowing down…The slowdown did happen, but we can move into 2020 with a bit more optimism.”
If you are headed into the new year looking to start or change your career, the latest jobs report suggests you’ll have plenty of opportunities.