The U.S. Labor Department announced the economy created 155,000 in November and the unemployment rate held at 3.7%. It was the 98th straight month of positive job growth. Economist were expecting November's numbers to come in around 195,000 jobs. The Labor Department also reported it revised the October job numbers down 13,000 from its earlier report.
Hourly wages have increased 3.1% so far this year, however, the number of weekly hours worked has decreased. Some economists set off alarm bells with the decreased in hours worked and coupled with the recent erratic moves of the stock market, more alarm bells have sounded. Trump's economic adviser, Larry Kudlow had to take to the air and announce that a recession is not in sight. (does that sound familiar?)
November's job creation pushed the Trump administration farther behind the Obama administration in Job creation during Trump's first 22 months in office as follows: In Trump's first 22 months in office 4,037,000 jobs have been created for a monthly average of 183,500 jobs. In Obama's last 22 months in office 4,510,000 jobs were created for an monthly average of 205,000 jobs.
The smaller number of jobs created in November will give economists something to talk about in trying to figure out any clue given in the number. But the best clue is precedent, and the readers of PolitiDose know where that leads.
This commentary written by Joe Lorio
