November Jobs Report: Another Good Report With Some Signs Of Deceleration

HEADLINES:

  • +155,000 jobs added
  • U3 unemployment rate unchanged at 3.7% 
  • U6 underemployment rate rose 0.2% from 7.4% to 7.6% 

Here are the headlines on wages and the broader measures of underemployment:

Wages and participation rates

  • Not in Labor Force, but Want a Job Now:  rose +88,000 from 5.309 million to 5.397 million   
  • Part time for economic reasons: rose +181,000 from 4.621 million to 4.802 million 
  • Employment/population ratio ages 25-54: unchanged at 79.7% 
  • Average Hourly Earnings for Production and Nonsupervisory Personnel: rose $.07 from  $22.89 to $22.95, up +3.1% YoY.  (Note: you may be reading different information about wages elsewhere. They are citing average wages for all private workers. I use wages for nonsupervisory personnel, to come closer to the situation for ordinary workers.) 

Holding Trump accountable on manufacturing and mining jobs

 Trump specifically campaigned on bringing back manufacturing and mining jobs.  Is he keeping this promise?  

  • Manufacturing jobs rose +27,000 for an average of +20.000/month in the past year vs. the last seven years of Obama's presidency in which an average of +10,300 manufacturing jobs were added each month.   
  • Coal mining jobs rose +400 for an average of +75/month vs. the last seven years of Obama's presidency in which an average of -300 jobs were lost each month

September was revised downward by -13,000. October was revised upward by +1,000, for a net change of -12,000.

The more leading numbers in the report tell us about where the economy is likely to be a few months from now. These were mixed.

  • the average manufacturing workweek was unchanged at 40.8 hours. This is one of the 10 components of the LEI.
  • construction jobs rose by +6300. YoY construction jobs are up +71,400.  
  • temporary jobs rose by +8300. This is positive, but marks continued deceleration from its 12 month average of +15,000.
  • the number of people unemployed for 5 weeks or less rose by +69,000 from 2,057,000 to 2,126,000.  The post-recession low was set six months ago at 2,034,000.
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