The U.S. job market reported a “blowout” figure of 266,000 jobs created in November as hiring skyrocketed and national unemployment fell to a 50-year low of 3.5 percent, adding fuel to the economic expansion.
As CNBC’s Jim Cramer put it, “These are the best numbers I have ever seen in my life!” Dan Digre is president of Misco Speakers, a manufacturer of speakers and audio systems based out of St. Paul. He said the 100-person company has kept its staff size stable this year, and continues to hope for a growing economy.
The 266,000 jobs added in November far exceeds economists’ initial expectations of 187,000. Wages rose 3.1% compared to last year, are growing fastest for rank-and-file workers when compared to the overall labor force. Further increase in pay could be key leverage behind faster labor-force growth, which would help fill some employers’ appetite for workers at a time of low unemployment.
On top of these staggering gains in November, unemployment for women, African Americans, Latinos, Asians, and veterans also reached historic lows.
The economy has continued to plug along but has pulled back in comparison to last year’s robust pace. Gross domestic product (GDP), a broad measure of products and services across the economy, increased at a 2.1% annual rate in the third quarter.
Minnesota’s Democrat Representatives like Dean Phillips and Angie Craig typically avoid any discussion about the current state of the economy. However, they continue to press for impeachment proceedings with no answer for the historic performance under President Trump and Republicans in Congress.
Over the span of Trump’s presidency, more than 7 million jobs new jobs have been created in Minnesota and the unemployment rate is at 3.2 percent.