Job totals jump by 266,000, smashing forecast

The Labor Department reported Friday that 266,000 jobs were added in November. Analysts had expected a gain of about 180,000, according to MarketWatch. The unemployment rate was 3.5 percent, down from the previous month. Average hourly earnings rose 0.2 percent, with a year-overyear gain of 3.1 percent.

The return of tens of thousands of striking workers to their jobs at General Motors helped supercharge hiring totals last month. The reassuring jobs report offered a counterpoint to renewed anxieties about an escalating trade war and a weakening global economy.

“I think that this report is a real blockbuster,” said Daniel Zhao, senior economist at the career site Glassdoor. “Payrolls smashed expectations.”

Revisions added an additional 41,000 jobs to September and October’s employment figures. And a broader measure of unemployment, which includes part-timers who would prefer full-time jobs and people who are too discouraged to look for work, inched down to 6.9 percent.

Average monthly payroll gains for the past three months reached 205,000, a hefty number for the 11th year of an economic expansion.

Stocks rose following the report, with the S&P 500 up by about 1 percent at noon.

The health of the manufacturing sector has been somewhat clouded by the 40-day GM strike this fall and disruption in the aerospace industry stemming from the crash of two Boeing airplanes. Friday’s report showed a gain of 54,000 jobs in that sector, reversing last month’s losses, but it did not signal a significant upturn.

“Manufacturing is still flat after you pull out the returning strike numbers,” Zhao said. “It’s still suffering from headwinds from the trade war, but at least it’s not worsening.”

The labor market’s hearty performance offers President Donald Trump something he can brag about after he fielded criticism this week for fueling trade tensions with Argentina, Brazil, China and European allies. In Congress, Democrats laid out a plan that could result in an impeachment vote before the end of the year.

Many Americans, though, are more focused on expanding payrolls and fatter paychecks, and in that respect, Trump has delivered.

“It’s the economy, stupid,” Trump wrote on Twitter just before the report’s release.