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U.S. Economy Roars Forward with 266,000 Jobs Added in November

Unemployment rate falls to 50-year low as nation hits 110 consecutive months of positive job growth
Release Date: 
Monday, December 9, 2019
Release Number: 
20-12
Contact: 
Matthew.Coleman@sba.gov

The United States economy added 266,000 jobs in November greatly surpassing economists’ predictions of only a 187,000 positive monthly job gain.  The federal Bureau of Labor Statistics also announced that the national unemployment rate fell to a half-a-century low of 3.5%.

“This is a clear sign that the United States is powering through a global shutdown.  America’s 31 million small businesses are delivering more impact than ever and entrepreneurs are seeing limitless potential for success. More than 7 million jobs have been created under President Donald Trump and almost 160 million people are working – the highest amount in our nation’s history,” said SBA Regional Administrator Steve Bulger who oversees the operations of the U.S. Small Business Administration throughout its Atlantic Region of New York, New Jersey, Puerto Rico and U.S. Virgin Islands.

Bureau of Labor Statistics revisions also added a net gain of 41,000 jobs to the prior two-month totals, bringing the three month average positive job growth gain statistic to 205,000, a ten-year high.  September 2019 was revised from 180,000  by +13,000 to 193,000 actual jobs.  October 2019 was revised by +28,000 to 156,000 to also reflect the actual, not estimated, number of jobs created within the month.

The average monthly job growth figure for 2019 jobs is a net positive of 180,000 according to the Bureau of Labor Statistics.

It is almost two years since President Trump signed the landmark Tax Cuts and Jobs Act into law, giving small businesses the ability to grow and expand, hire more employees and pay workers more.  As a result, unemployment has reached historic low levels.  According to Bureau of Labor Statistics, unemployment is at its lowest rate in 50 years. Moreover, unemployment in minority communities such as African Americans, Hispanic Americans and Asian Americans have also reached their lowest levels ever.

All this has resulted in positive news for small business owners and entrepreneurs throughout the New York metropolitan area. 

SBA District Director Beth Goldberg said “These numbers are good news for New Yorkers. I strongly urge families and seniors to shop small and local especially during the holiday season. Your action will help our regional economy sustain and grow jobs, strengthen our local tax base and support mom-and-pop shops, strengthening our area’s overall business community and economic vibrancy.”

 


About the U.S. Small Business Administration

The U.S. Small Business Administration makes the American dream of business ownership a reality. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.