Page 25 - ARUBA TODAY

BUSINESS Saturday 7 december 2019
A25

US gains a robust 266,000 jobs; unemployment falls to 3.5%

By CHRISTOPHER RUGABER GM strikers weren’t count-
Associated Press ed as employed. Excluding
WASHINGTON (AP) — Hir- the strikers, manufacturing
ing in the United States jobs showed a small gain.
jumped last month to its In Friday’s hiring data, be-
highest level since January sides reporting the healthy
as U.S. employers shrugged November gain, the gov-
off trade conflicts and a ernment revised up its es-
global slowdown and add- timate of job growth for
ed 266,000 jobs. September and October
The unemployment rate by a combined 41,000.
dipped to 3.5% from 3.6% in Outsize hiring for the holi-
October, matching a half- day shopping season did
century low, the Labor De- not appear to be a major
partment reported Friday. driver of last month’s job
And wages rose a solid growth. Retailers added
3.1% in November com- just 2,000 jobs on a season-
pared with a year earlier. ally adjusted basis. And
Investors cheered the re- transportation and ware-
port, sending the Dow housing firms gained fewer
Jones industrial average than 16,000. Both figures
up more than 300 points in In this Nov. 27, 2019, file photo Balo Balogun labels items in preparation for a holiday sale at a are below last year’s to-
late-morning trading. Walmart Supercenter in Las Vegas. tals. The shopping season
November’s healthy job Associated Press is shorter this year because
gain runs against a wide- Thanksgiving occurred
spread view that many em- flicts have reduced exports times this year to help nur- earlier this week, after later than in recent years,
ployers are either delaying and led many businesses ture the economy. President Donald Trump which might be delaying
hiring until a breakthrough to cut spending. At the same time, Chair- had said he was willing to some temporary hiring.
in the U.S.-China trade war “Today’s jobs report, more man Jerome Powell has wait until after the 2020 Employers have been add-
is reached or are struggling than any other report in said the Fed is not inclined elections to strike a pre- ing jobs at a solid enough
to find workers with unem- recent months, squashed to raise rates in response to liminary trade agreement pace to absorb new job
ployment so low. The pace any lingering concerns ultra-low unemployment with China. With the two seekers and to potentially
of hiring points to the re- about an imminent reces- until inflation has risen con- sides still haggling, the ad- lower the unemployment
silience of the job market sion in the U.S. economy,” sistently, which has yet to ministration is set to impose rate, though the pace of
and economy more than a said Gad Levanon, an happen. The perception 15% tariffs on an additional job growth is still down from
decade into the U.S. eco- economist at the Confer- that any rate hikes are a $160 billion of Chinese im- last year’s rate.
nomic expansion the lon- ence Board, a business re- long way off has helped ports beginning Dec. 15. With tariffs hobbling man-
gest on record. search group. “Consumers underpin the stock mar- Both sides have since sug- ufacturing, the job mar-
The steady job growth has are entering the holiday ket’s gains. gested that the negotia- ket this year has under-
helped reassure consum- season with both the abil- Monthly job growth has tions are making progress, scored a bifurcation in the
ers that the economy is ity and the willingness to picked up since summer: It but there is still no sign of economy: Service indus-
expanding and that their spend.”The healthy data has averaged 205,000 over a resolution.The return of tries finance,engineering,
jobs and incomes remain suggested that the Federal the past three months, up striking General Motors au- health care and the like
secure. Consumer spend- Reserve, which meets next from just 135,000 in July. toworkers added roughly have been hiring at a solid
ing has become an even week, is unlikely to cut its Renewed concerns that 40,000 jobs in November, pace, while manufactur-
more important driver of benchmark short-term in- trade will continue to a one-time bounce-back ers, miners and builders
growth as the Trump ad- terest rate anytime soon. hamper the U.S. economy that followed a similar de- have been posting weak
ministration’s trade con- The Fed has cut rates three drove stock prices lower cline in October, when the numbers.q

China waiving tariff hikes on US soybeans, pork

Associated Press exclusion,” the Ministry of of Chinese imports is due
China is waiving punitive Finance said on its website. to take effect Dec. 15.
tariffs on U.S. soybeans The ministry and the Minis- Chinese spokespeople
and pork while the two try of Commerce did not have expressed hope for a
sides negotiate a trade respond to requests for fur- settlement “as soon as pos-
deal, the Ministry of Fi- ther information. sible,” but Trump spooked
nance said Friday. Negotiators are working on global financial markets
Beijing promised in Sep- the details of a “Phase 1” this week by saying he
tember to lift the tariffs, agreement announced in might be willing to wait un-
adding to conciliatory October by President Don- til after the U.S. presidential
steps that raised hopes for ald Trump. election late next year.
a settlement. The govern- The two sides have raised A sticking point is Chinese
ment announced then tariffs on billions of dollars insistence that Washington
that Chinese importers of each other’s goods, dis- must roll back punitive tar-
were placing orders but rupting global trade and iffs as part of any deal.
no details of when the tar- threatening to depress A Chinese spokesman re-
iff exemption would take economic growth. peated Thursday that Bei- In this Friday, Sept. 21, 2018, file photo, soybeans are offloaded
effect were released. Another U.S. tariff hike on jing expects such a move in from a combine during the harvest in Brownsburg, Ind.
China is “carrying out the an additional $160 billion a “Phase 1” agreement.q Associated Press