Unemployment in the US Returns to a Half-Century Low in November

Unemployment in US returns to a half-century low in November. 

 

US

US added the largest number of jobs for 10 months in November, unemployment returns to a half-century low.

The US economy added the largest number of jobs for 10 months and unemployment returned to a half-century low in November, confounding economists' expectations of a slowdown and adding fuel to the economic expansion.

 

As per official data, employers added 266,000 jobs last month - the fastest pace since 312,000 in January on the back of striking GM workers returning to work and a big rise in healthcare posts. Jobless rate dipped to 3.5%, matching September as the lowest level since 1969, the Labor Department said Friday. Wages also advanced, up 3.1% from a year earlier. BBC

 

Bonus Read: US tax revenue as a proportion of GDP dropped the most out of any country in the Organisation for Economic Co-operation and Development in 2018, according to a report released Thursday. US taxes at all levels of government fell to 24.3% of GDP in 2018, down from 26.8% a year earlier and 25.9% in 2016 and this is largely due to the $1.5tr GOP tax cut President Donald Trump signed into law in 2017.

 

The tax cuts dramatically altered the US tax landscape for the first time in decades by permanently slashing the corporate tax rate from 35% to 21%, temporarily cutting individual tax rates and limiting state and local tax deductions, among other changes. Read this WSJ article for the full scoop. 

FIN.

(Don't want to miss out on these End Of Day Wrap Ups? Subscribe Now to our WhatsApp Feed and get the day's Top Business stories straight on your favourite messaging app.)

 

 

FIN.

(Don't want to miss out on these End Of Day Wrap Ups? Subscribe Now to our WhatsApp Feed and get the day's Top Business stories straight on your favourite messaging app.)