Employment Picture a Bit Rosier for November
Nonfarm payroll employment is holding steady in November after several months of declines, according to the latest batch of economic reports released today from the Bureau of Labor Statistics. Nonfarm payroll employment remained essentially unchanged (-11,000) for the month of November after average declines of 135,000 for the previous three months.
The unemployment rate dipped slightly to 10.0 percent from last month’s 10.2 percent, showing 227,000 more employed persons but leaving 15.4 million people still unemployed. An additional 291,000 workers stopped looking for work in November, however, bringing the total of nonactive job seekers to 2.3 million.
The number of long-term unemployed (those jobless for 27 weeks or more) rose by 293,000, providing more evidence that jobs are leaving town for good. The long-term unemployed now stands at 5.9 million. The number of part-time workers remains unchanged for November.
The economy continues to pare manufacturing jobs at the highest rate with business service jobs showing the biggest increase.
Average workweek hours edged up 0.2 percent in November, slightly more than expected; hourly earnings increased 0.1 percent, slightly less than expected.