Payrolls Underperform Expectations At 155,000 Jobs, Unemployment Rate Steady

The unemployment rate was steady at 3.7% as the rise in employment was close enough to the labor force rise of 133,000.

Initial Reaction

Jobs came in at 155,000 vs an Econoday expectation of 190,000. The unemployment rate was steady but U-6 unemployment rose 0.2% to 7.6%.

Let’s dive into the details in the BLS Employment Situation Summary, unofficially called the Jobs Report.

Job Revisions

The change in total nonfarm payroll employment for September was revised down from +134,000 to +118,000, and the change for August was revised up from +270,000 to +286,000. The downward revision in September offset the upward revision in August.

BLS Jobs Statistics at a Glance

  • Nonfarm Payroll: +155,000 – Establishment Survey
  • Employment: +233,000 – Household Survey
  • Unemployment: -100,000 – Household Survey
  • Involuntary Part-Time Work: +181,000 – Household Survey
  • Voluntary Part-Time Work: -604,000 – Household Survey
  • Baseline Unemployment Rate: steady at 3.7% – Household Survey
  • U-6 unemployment: +0.2 to 7.6% – Household Survey
  • Civilian Non-institutional Population: +194,000
  • Civilian Labor Force: +133,000 – Household Survey
  • Not in Labor Force: -+60,000 – Household Survey
  • Participation Rate: +0.0 to 62.9– Household Survey

Employment Report Statement

Total nonfarm payroll employment increased by 155,000 in November, and the unemployment rate remained unchanged at 3.7 percent, the U.S. Bureau of Labor Statistics reported today. Job gains occurred in health care, in manufacturing, and in transportation and warehousing.

Unemployment Rate – Seasonally Adjusted 

The above Unemployment Rate Chart is from the BLS. Click on the link for an interactive chart.

Nonfarm Employment Change from Previous Month

Hours and Wages

Average weekly hours of all private employees fell 0.1 hours to at 34.4 hours. Average weekly hours of all private service-providing employees was flat at 33.3 hours. Average weekly hours of manufacturers was steady at 38.8 hours.

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