Daily Market Update
with JJ Kinahan

5 min read

Warm Plate of Porridge: Robust Job Gains, Steady Wage Growth Pushing Stocks Higher

(Friday Market Open) November turned into an employment bonanza, helped in part by the return of workers from a strike at General Motors (GM). The economy busted out with 266,000 new jobs, the highest total for any month since January.

If you add the Labor Department’s upward revisions of a combined 41,000 jobs for September and October to this impressive November tally, new jobs growth has averaged a very healthy 205,000 the last three months and 180,000 for the year to date. Not too shabby for an economy that many analysts say is in the last stages of a growth phase.

The 266,000 includes close to 50,000 returning GM workers, so keep in mind that it’s not quite as huge as headlines make it appear. Manufacturing employment rose by 54,000 in November following a 43,000 decline in October, which was basically just those workers coming and going from GM. November jobs growth in some other closely watched sectors like construction, wholesale trade, and retail trade was either flat or just a little higher.

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