November Jobs Report: The “Least Positive” Report Since April

HEADLINES:

  • 245,000 million jobs gained. The gains since May total about 55% of the 22.1 million job losses in March and April. The alternate and more volatile measure in the household report indicated a loss of -74,000 jobs, which factors into the unemployment and underemployment rates below.
  • The U3 unemployment rate fell -0.2% from 6.9% to 6.7%, compared with the January low of 3.5%.
  • U6 underemployment rate fell -0.1% from 12.1% to 12.0%, compared with the January low of 6.9%.
  • Those on temporary layoff decreased -441,000 to 2,764,,000.
  • Permanent job losers increased by 59,000 to 3,743,000.
  • September was revised upward by 39,000. October was revised downward by -28,000 respectively, for a net gain of 11,000 jobs compared with previous reports.

Leading employment indicators of a slowdown or recession

I am still highlighting these because of their leading nature for the economy overall.  These were generally positive: 

  • the average manufacturing workweek declined -0.2 hours from 40.5 hours to 40.3 hours. This is one of the 10 components of the LEI and will be a negative.
  • Manufacturing jobs increased by 27,000. Manufacturing has still lost -599,000  jobs in the past 9 months, or -4.7% of the total. About 55% of the total loss of 10.6% has been regained.
  • Construction jobs increased by 27,000. Even so, in the past 9 months -279,000 construction jobs have been lost, -3.7% of the total. About 75% of the worst loss of 15.2% loss has been regained.
  • Residential construction jobs, which are even more leading, rose by 1,300. In the past 9 months, there have still been 6,100 lost jobs or about -0.7% of the total.
  • temporary jobs rose by 32,200. Since February, there have still been -293,200 jobs lost or -10% of all temporary help jobs.
  • the number of people unemployed for 5 weeks or less fell by -33,000 to million, compared with April’s total of 14.283 million.
  • Professional and business employment rose by 60,000, which is still -1,061,000, or about -5.0% below its February peak.
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