51st Consecutive Month of Job Growth

The Department of Labor has released its preliminary report on November's employment summary,  estimating an increase in payroll employment of 94,000 during the month.  That was less than the private ADP report suggested, but above the recently upgraded estimate of 70,000.

The unemployment rate stood pat at 4.7%, lower than the 4.8% the market was expecting.

Based on the preliminary report, November was the 51st consecutive month of positive job growth, further extending the Bush economy's record-setting streak that dates back to the summer of 2003, shortly after the enactment of the investment income tax cuts.

Based on the better-than-expected job gains and the roaring productivity growth we learned about yesterday, the 1.0-1.5% GDP growth expected in the fourth quarter is looking increasingly likely to be surpassed.  That probably won't quiet the recession fetishists of the world, but reasonable people can take heart knowing a recession continues to be unlikely.

Previously:
Job Growth Turns 50, Accelerates
It's Official: Bush Economy Achieves Longest Period Of Job Creation On Record
D'oh! Economy Fumbles At the 1 Yard Line
47th Consecutive Month of Job Growth, 1 Away From Record
46th Consecutive Month of Job Growth
45th Consecutive Month of Job Growth
43rd Consecutive Month of Job Growth