STATEMENT: CAP Economist Michael Madowitz on the November 2019 Jobs Report
Washington, D.C. — Center for American Progress Economist Michael Madowitz released the following statement today on the November 2019 Employment Situation figures from the U.S. Bureau of Labor Statistics:
Today, the Department of Labor reported we added 266,000 jobs in November, with an unemployment rate of 3.5 percent. This is a tight labor market by historical standards, yet wage growth remains tepid. That tells us something about how the administration’s economic policies are delivering for workers. Even with a strong boost from the return of striking autoworkers and positive revisions making this a good month, there is no doubt 2019 has seen a slowdown in jobs and surprisingly low wage growth.
The Federal Reserve has had to boost the economy considerably this year since business investment is still deeply underwhelming almost two years into the Trump tax cuts that were supposed to jump-start the economy. With net exports continuing to reduce growth, once again we’re hoping households can drag the economy through a short holiday shopping season so this month is more than just a happy blip in a down year for job growth.
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