Department of Labor reports 215,000 jobs were added by the U.S. economy in November and an additional 13,000 were created in September and October after revisions. The number is in line with Wall Street expectations. Unemployment remains at 5%.
37,000 jobs were created in construction, which follows 35,000 in October, as work begins following hurricanes Katrina, Rita, and Wilma.
Good news for manufacturers too with another 11,000 jobs created. That’s two months in a row of increased activity.
"Despite the disruptions of Hurricanes Katrina, Rita, and Wilma, economic activity appears to be expanding at a reasonably good pace as we head into 2006," Fed Chairman Alan Greenspan said in taped remarks to a conference in Philadelphia.
Many bloggers were writing about the pending doom of economic collapse following the hurricanes. While the U.S. economy certainly took a hit and a lot of federal dollars will be spent helping the region recover, adding to the already mammoth debt, we are doing all right.
So for all of those Chicken Little’s out there, the sky did not fall.