94,000 jobs created in November

[JeremyD]

http://www.bls.gov/news.release/pdf/jec.pdf

Nonfarm payroll employment continued to trend up in November (94,000), and the unemployment rate was unchanged at 4.7 percent.
Job gains continued in professional and technical services, food services, and health care, while declines continued in industries affected by problems in the housing market, including construction and credit intermediation. Average hourly earnings increased by 8 cents, or 0.5 percent.

Professional and technical services employment was up by 24,000 in November, reflecting growth in computer systems design and in management and technical consulting. Employment in accounting and bookkeeping services and in architectural services also continued to grow over the month. Over the past 12 months, professional and technical services employment has increased by 312,000.

Food services employment continued to trend up (17,000) in November. Over the year, the industry has added 306,000 jobs.

Employment in health care grew less in November (15,000) than the average for the previous 12 months (34,000). Over the month, employment rose in physicians¿ offices (7,000) and in hospitals (8,000). Employment continued to trend up over the month in social assistance.

Retail trade employment edged up by 24,000 in November. On net, employment in the industry has shown essentially no change since the spring. Over the month, there were employment gains in clothing stores, health and personal care stores, electronics and appliance stores, and furniture and home furnishings stores.
Partly offsetting these gains, general merchandise stores lost 11,000 jobs.

Construction employment fell by 24,000 in November and by 163,000 since peaking in September 2006. Reflecting difficulties in the housing market, job declines continued in the residential components of the construction industry. In contrast, employment in nonresidential specialty trades changed little in November, but the industry has added 48,000 jobs over the past 12 months.

Also reflecting weakness in the housing market and mortgage lending, employment in credit intermediation declined by 13,000 in November. The industry has lost 75,000 jobs since employment peaked in February. Real estate employment also declined in November.

Employment in manufacturing continued its downward trend in November (-11,000). Job losses continued in two industries closely tied to housing--wood products and nonmetallic mineral products (such as concrete and glass). In contrast, machinery manufacturing continued to add jobs (4,000). Average weekly hours of production workers in manufacturing edged up by 0.1 hour in November to 41.3 hours, and factory overtime was unchanged at
4.1 hours.

Average hourly earnings of production and nonsupervisory workers in the private nonfarm sector increased by 8 cents, or
0.5 percent, in November. This followed gains of 4 cents in September and 1 cent in October.

Looking at measures from our survey of households, the number of unemployed persons was 7.2 million in November, and the unemployment rate held at 4.7 percent. Total employment rose by 696,000. This measure, which can be more variable than the measure from our payroll survey, showed little growth, on net, from December 2006 to October 2007. The employment-population ratio rose by 0.3 percentage point in November to 63.0 percent; it was still down from its most recent peak of 63.4 percent in December 2006.

In summary, payroll employment growth continued in several service-providing industries in November. These gains continued to be partly offset by job losses in construction and other industries affected by the problems in home building and financing. The unemployment rate held at 4.7 percent.

[legion]

This is good news!

[widebody911]

In summary, payroll employment growth continued in several service-providing industries in November.

Would you like fries with that?

[legion]

Originally Posted by widebody911

In summary, payroll employment growth continued in several service-providing industries in November.

Would you like fries with that?

I knew I could count on someone to cast a negative light on this.

I'm actually surprised this made the press. They don't like to report good news when a Republican is in office.

[frogger]

That's a silly statement, Chris. These reports are issued on a regular basis by BLS, and Wall Street expects to see them.

[legion]

I guess what I was referring to was that the report actually showed up front-page on my local newspaper and on the Yahoo! news page. Usually this stuff is buried. (Except when Clinton was president.)

[frogger]

Vast Left Wing Conspiracy™

[cairns]

The MSM has an active interest in making the economy look bad- right now that helps Democrats. Two or three days sgo the NYT reported that the economy is slipping into a recession. Record Black Friday sales were buried.

But sometimes their bias is even more specific. If the Washington Post reports this it will be, at most, buried in the A Section. More likely it will be in the Business Section.

It will NOT be on the front page, above the fold. That space is reserved for good Hillary, bad Cheney/Bush/Iraq stories or, for the last five or six straight days (I kid you not), a dead football player. Not even Obama stories make it there- unless it's bad news.

When the Hillary hit squad was digging up Obama's kindergarten writings the Post was calling her a unifier.

[kach22i]

Did they make another round of rule changes in how they count things? Every so-called "good-news" event has been preceeded by unannnounced "cook the books" by executive order folly.

[Shaun @ Tru6]

Originally Posted by frogger

Vast Left Wing Conspiracy™

republicans own Alcoa.

[JeremyD]

Originally Posted by kach22i

Did they make another round of rule changes in how they count things? Every so-called "good-news" event has been preceeded by unannnounced "cook the books" by executive order folly.

I am only aware of this happening once in the past year and the change did not materially effect the numbers -

[JeremyD]

Now estimates - yes they have been off and have been revised - (usually downward) unfortunately the revsions tend to get burried on page 6 - and the revisions do not show up on a press release (which I believe they should).

Still - 94,000 growth is a solid number - unemployment # staying pretty consistent - even with mortgage, construction, etc taking a hit - and yes, Tom is correct to a degree - but there are also many call centers, back office operations, support, It's a big category.

[TyFenn]

I was thinking that this might be the ol' dead-cat-bounce. I imagine that a decent portion of these jobs are of the seasonal nature - no?

[frogger]

In contrast, machinery manufacturing continued to add jobs (4,000). Average weekly hours of production workers in manufacturing edged up by 0.1 hour in November to 41.3 hours, and factory overtime was unchanged at
4.1 hours.

I thought this was a little bit encouraging.

[Rich76_911s]

This number comes out the first friday of every month.

I'd be shocked to see it on the front cover of a news paper this morning being that the number isn't released until 8:30am. If your paper does print this on the front page today can you please let me know how to subscribe. I could make a good piece of change working 1 day a month with fore-sight like that.

How often is an economic numer on the front page. Did you see the GDP #, how about the consumer confidence #'s?

And if you really think Bushy has that much to do with it get ahold of yourself. He doesn't deserve the credit or the discredit for it. Just like Clinton doesn't deserve the credit for the booming 90's

[JeremyD]

seasonally adjusted

[cairns]

And if you really think Bushy has that much to do with it get ahold of yourself. He doesn't deserve the credit or the discredit for it. Just like Clinton doesn't deserve the credit for the booming 90's

So true- thanks for noting that.