Friday on CNBC, popular stock analyst personality Jim Cramer reacted to the November jobs report by calling them “the best numbers of our lives.”
Look, Joe, you and I both know. 50 years, OK. Now I’m 64. I didn’t know about how things were when I was 13 or 14 other than the war, but these are, you can’t contradict that these are the best numbers of our lives….I don’t see inflation. I don’t see recession. Fifty years ago that number was a curse. Now it’s a blessing. And you know something, Joe it doesn’t matter whether you hate them or like them, these are real numbers.
CNBC reports the jobs market turned in a stellar performance in November, with nonfarm payrolls surging by 266,000 and the unemployment rate falling to 3.5%, according to Labor Department numbers released Friday.
Those totals easily beat the Wall Street consensus. Economists surveyed by Dow Jones had been looking for solid job growth of 187,000 and saw the unemployment rate holding steady from October’s 3.6%. The decline in November’s jobless rate came amid a corresponding 0.1 percentage point drop in the labor force participation rate, to 63.2%.
“Bottom line, America is working,” Larry Kudlow, director of the National Economic Council, told CNBC’s “Squawk on the Street.” “These are very strong numbers. These are happy numbers, these are sunny Friday numbers.”
The jobs growth was the best since January’s 312,000 and well clear of the November 2018 total of 196,000. While hopes already were up, much of that was based on the return of General Motors workers following a lengthy strike. That dynamic indeed boosted employment in motor vehicles and parts by 41,300, part of an overall 54,000 gain in manufacturing. The vehicles and parts sector had fallen by 42,800 in October.