U.S. Hits 50-Year-Low in Unemployment, Adds 266,000 Jobs in November

U.S. Hits 50-Year-Low in Unemployment, Adds 266,000 Jobs in November

The United States unemployment rate dropped to a 50-year-low of 3.5% in November, while the economy added 266,000 jobs, announced the U.S. Department of Labor on Friday.

The unemployment rate is the lowest it has been since 1969.

“Great jobs report,” said President Donald Trump in a tweet on Friday morning.

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Unemployment Rate Break Down

According to the Department of Labor, the unemployment rate for adult men and women was 3.2 percent, teenagers were 12 percent, whites were 3.2 percent, blacks 5.5 percent, Asians came in at 2.6 percent and Hispanics at 4.2 percent in November.

The number of long-term unemployed, (those jobless for 27 weeks or more) remained at 1.2 million and accounted for 20.8 percent of the unemployed.

U.S. Adds Jobs in November

According to the Department of Labor, nonfarm payroll employment rose by 266,000 in November with notable gains in healthcare and in professional and technical services.

Employment also rose in manufacturing, following last month’s General Motors strike.

Healthcare added 45,000 jobs in November while professional and technical services added 31,000.

Manufacturing jobs grew by 54,0ty added 45,000.

Mining lost 7,000 jobs in November.

Overall, the labor force participation rate was 63.2 percent in November.

The employment-population ratio was 61.0 percent for the third consecutive month.