The report states that job creation vastly outpaced predictions with 266,000 jobs. That brings the total number of job creations to 6.6 million since the beginning of 2017. Manufacturing accounted for 54,000 of the total jobs created in November, largely due to the return of auto workers whom were on strike in October. The total number of employed manufacturing workers rose to its highest point in 11 years.
The unemployment rate went back down to 3.5%, to match a 50 year low that was also seen in September 2019. The unemployment rate has now been at or below 4% for nearly two straight years.
Institute for Supply Management (ISM) data showed continued signs of a slowdown in manufacturing, marking the 4th straight month of contraction. Manufacturers report continued uneasiness around international trade. There are indications of a stabilization coming but that track largely is reliant on the USMCA and additional progress with China.
For the overall economy employment continues to be strong and MAM will continue to keep an eye on the data to report findings.