In a nutshell:
- Nonfarm payrolls surged by 266,000 in November, better than the 187,000 expected by economists polled by Dow Jones.
- The unemployment rate ticked down to 3.5% from 3.6%, back to the 2019 low and matching the lowest jobless rate since 1969.
- The end of the GM strike had a big effect, boosting employment in motor vehicles and parts by 41,300, part of an overall 54,000 gain in manufacturing.
- Average hourly earnings rose by 3.1% from a year ago, slightly above the 3% expected by economists polled by Dow Jones.