Job growth picks up steam, unemployment drops

[ProSense]

Job growth picks up steam, unemployment drops

By Steve Benen



Expectations going into this morning’s new monthly jobs report were fairly strong, and as it turns out, the totals from the Bureau of Labor Statistics were even better than expected.

According to the new BLS report, the U.S. economy added 203,000 jobs in November, ahead of economists’ predictions. In a pleasant change of pace, the public sector did not drag down the overall figures – the private sector added 196,000 jobs, while the public sector, which has hemorrhaged jobs in recent years, added 7,000.

The overall unemployment rate dropped 7%. That’s a five-year low, though it’s a little misleading – it reflects furloughed federal workers who returned to their jobs after the government shutdown ended.

In terms of the revisions, September’s job totals were revised up from 163,000 to 175,000, while October’s figures were revised down slightly, from 204,000 to 200,000. With these revisions, employment gains in September and October combined were 8,000 higher than previously reported...so far in calendar year 2013, the economy has added 2.07 million jobs, which puts the U.S. on pace for the best year for job creation since before the 2008 crash. Indeed, this year is on track to the best for jobs since 2005, and the second best since 1999.

Above you’ll find the chart I run every month, showing monthly job losses since the start of the Great Recession. The image makes a distinction – red columns point to monthly job totals under the Bush administration, while blue columns point to job totals under the Obama administration.

- more -

http://www.msnbc.com/rachel-maddow-show/job-growth-picks-steam-unemployment-drops

[ProSense]

1. More:

Economy adds 203,000 jobs in November. Official unemployment rate falls to 7%. U6 falls to 13.2%

<...>



Here are the official seasonally adjusted unemployment rates in November for:

African Americans—12.5 percent
Latinos—8.7percent
Asian Americans—5.3 percent (not seasonally adjusted)
Whites—6.2percent
American Indians—Not counted on a monthly basis
Women—6.2 percent
Men—6.7 percent

Among other news in the October job report:

• Professional services: +35,000
• Transportation and warehousing : +31,000
• Leisure & hospitality: +18,000
• Health care: +28,000
• Retail trade: +22,000
• Construction: +17,000
• Manufacturing: +27,000
• Average weekly manufacturing hours rose to 0.1 to 41 hours.
• Average hourly earnings for all employees on private nonfarm payrolls rose 4 cents from October's revised figure to $24.14
• Average hourly earnings of production and nonsupervisory employees rose 3 cents to $20.31

Here's what the seasonally adjusted job growth numbers have looked like in November for the previous 10 years.

November 2003: + 13,000
November 2004: + 65,000
November 2005: +335,000
November 2006: +205,000
November 2007: +111,000
November 2008: - 775,000
November 2009: - 21,000
November 2010: +144,000
November 2011: +174,000
November 2012: +247,000
November 2013:

<...>

http://www.dailykos.com/story/2013/12/06/1259886/-Economy-adds-203-000-jobs-in-November-Official-unemployment-rate-falls-to-7-U6-falls-to-13-2

[ProSense]

4. November 2000 - 2002:

November 2000: + 94000
November 2001: - 88000 (Bush first year)
November 2002: - 331000

[Scurrilous]

2. K & R

[RandySF]

3. I can tell you why....

Because those who are working are about to drop dead. People are dropping like flies where I work due to health reasons or are leaving to other organizations because of an enormous work load. Management is just now beginning to understand and are grudgingly beginning to hire more people.

[thucythucy]

5. Thank you for this information.

Bookmarked for later use.