To cite CNBC’s Jim Cramer, this is the greatest report he’s ever seen. That’s quite the statement and breaking down the jobs report from November, it's deserved. Friday’s employment report demonstrated incredible growth on back of record strength in our job market throughout 2019. We have an economy that’s strong and building on unprecedented opportunities.
The unemployment rate is at 3.5%, that's down .1%. We added over 266,000 jobs and got positive revisions from past months totaling an additional 41,000 jobs. The top industries for hiring are manufacturing, led by gains due to the end of the GM strike, followed by leisure and hospitality and coming in third healthcare.
Some important notes are the impact of the GM strike that was about 42,000 jobs that were reflected as a loss in last month’s report and gained this month. And, factoring in the extensive positive revisions, the real number was a remarkable 307,000 jobs added! Now the real unemployment rate once underemployed, long-term unemployed and marginally attached people are accounted for is actually 6.9% down from 7.6% in 2018.
Some key takeaways are that the real unemployment rate is the second-lowest in American history. It’s currently the lowest since the fall of 2000. Those unaccounted for in the base unemployment rate include 6.7 million Americans, 1.2 million long-term unemployed, 4.3 million are underemployed and 1.2 million are marginally attached to the workforce. Finally, the labor participation rate continues to improve with more people joining the workforce with an unprecedented opportunity.
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