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The US economy added 155,000 jobs in November, the Labor Department reported Friday. That's fewer than expected, but the unemployment rate remained steady at 3.7%.October's jobs numbers were also revised down slightly, to put the monthly average over the past year at about 204,000 jobs, and the average over the last quarter at 170,000.The report is a sign of a slowing but still strong labor market — and further support for the idea that the Federal Reserve may hold off hiking interest rates over the next year as quickly or as much as initially planned.That's reassuring to investors who had been worried that the Fed would move too fast to cool off an already decelerating economy."My reaction is a sigh of relief," said Leo Grohowski, chief Investment Officer at BNY Mellon Wealth Management. "I think a mild miss is more than acceptable in order to help the Fed understand that multiple rate increases may not be warranted for 2019."Paychecks grew by 3.1% over the last year, a relatively robust number that is in line with expectations as employers have had to fight to attract workers in recent months.The percentage of people participating in the labor force remained the same and the median number of weeks people remained unemployed dropped from 9.4 to 8.9 weeks in November, suggesting that people are getting jobs more quickly after losing them.However, the number of people "marginally attached" to the labor force — those who had looked for a job in the past year but stopped in the past month because they couldn't find one — has risen by nearly 200,000 over the past year. The percentage of people working part time who would rather work full time also rose slightly.Despite high demand for workers in some sectors, that may show that people who want jobs increasingly aren't in the places where employers need them — and that the economy still has room to expand before running out of workers entirely.The strongest job growth came in health care, transportation and warehousing, and manufacturing, which added another 27,000 jobs for 288,000 total growth over the past year. Tariffs and fears of a larger trade war may not be having a huge positive impact, but they're definitely not choking the sector either.The-CNN-Wire? & ? 2018 Cable News Network, Inc., a Time Warner Company. All rights reserved. 2335
The U.S. has now recorded more than 3 million new cases of COVID-19 in the month of November alone, according to a database kept by Johns Hopkins University.According to Johns Hopkins, the U.S. has recorded at least 3.1 million cases of COVID-19 since Nov. 1 — more than 25% of all the cases the country has seen since the pandemic began.The spike in cases has led to a concerning jump in virus-related hospitalizations across the country. According to the COVID Tracking Project, more than 83,000 people across the country are currently battling the coronavirus in a hospital — the most the country has seen since the pandemic began. The COVID Tracking Project reports that while the entire country is seeing a spike in hospitalizations, the Midwest and South have been hit particularly hard — 69% of all COVID-19 hospitalizations across the country have occurred in those two regions.The spike has led to a concerning increase in hospital resources. In some rural hospitals in the Upper Midwest, there aren't beds to spare.The COVID Tracking Project also reports that there has been a significant uptick in deaths since the start of November. Since Oct. 31, the 7-day average of daily deaths has increase from 810 to 1,470. The current rate of deaths per day hasn't been seen in the U.S. since mid-May. The concerning spike occurs as much of the country sees the weather turn colder ahead of winter months, and comes as Americans prepare to celebrate the holiday season — something health officials warn could further facilitate the spread of the virus. The CDC has recommended that Americans not travel to celebrate Thanksgiving with loved ones and recommends against hosting large gatherings this year.It also comes as several drug companies, including AstraZeneca, Moderna and Pfizer have all reported encouraging results from their COVID-19 vaccine trials. While the companies are all pre-producing millions of doses of the drugs prior to authorizaiton, health experts say they likely won't be widely available until spring 2021. 2049
The wild ride on Wall Street just got crazier.The Dow dropped about 345 points, or 1.4%, on Tuesday, completely reversing a 244-point gain from early in the day. The selloff followed Monday's 670-point spike.The Nasdaq plunged nearly 3% -- wiping out nearly all of Monday's huge gains for the tech sector. The Nasdaq is now up just 1.5% on the year.Facebook, Twitter, Tesla and Nvidia all fell sharply. Netflix tumbled 6%, its biggest decline in two years."We started bleeding when large tech got hit hard," said Art Hogan, chief market strategist at B. Riley B.Investors poured money into bonds Tuesday. The 10-year Treasury yield slipped to 2.77%, the lowest since early February.But the sinking yields also narrowed the closely-watched gap between short and long-term rates, known as the yield curve."That has persistently been a signal of an economic slowdown," said Hogan. "I don't think that's the case here."A "flattening" yield curve also makes it harder for banks to make money on the difference between what they lend out and pay interest on. Bank of America, Wells Fargo and PNC fell more than 2% apiece.The-CNN-Wire 1135
The Time Warner building in New York City, where CNN has a studio, is one of several places to receive a potentially explosive device this week. It is being investigated as an act of terrorism.The package was located in the building's mailroom, CNN reported on air today. Employees said authorities told them it looked like a pipe bomb and had wires attached.Police believe it is a very serious incident and a real explosive that was delivered. The Time Warner building's other businesses were evacuated and folks moved farther away from the location at what is a busy time of day in metro New York City. 617
The surviving members of a grief-stricken Oregon family who believe a 13-year-old boy died while trying to save his grandmother in a wildfire detailed their harrowing attempts to escape the fire. The Statesman Journal reported that 13-year-old Wyatt Tofte of Lyons, Oregon, and his 71-year-old grandmother Peggy Mosso are among the six reported fatalities in the state from the ongoing fires. Wyatt, who was found Wednesday with his dog, is survived by his parents Angela Mosso and Chris Tofte. Angela Mosso is being treated at a burn center in Portland. More than 40,000 Oregonians have been evacuated from their homes so far and about 500,000 are in different levels of evacuation zones.The West Coast wildfires so far have consumed more land area than the size of Connecticut. In California, 10 people have died so far, with more missing. 850