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The Daily Signal
November Jobs
Report Shows Positive Growth
James Sherk
December 04, 2015
The Bureau of Labor Statistics found that the labor market continued to
grow steadily in November. Employers added 211,000 net new jobs, while
the unemployment rate remained constant. Across the economy, most labor
market indicators either improved or remained constant.
The household survey showed that the unemployment rate remained at 5
percent in November. However, most economists believe that this
overstates the strength of the labor market.
Millions of Americans stopped looking for work during the recession and
slow recovery. The government does not count them as unemployed. Labor
force participation rates, both for the overall economy and for
prime-age workers, remain well below pre-recession levels. But November
had modest good news on this front. Labor force participation rates for
both groups increased by 0.1 percentage points.
The payroll survey showed widespread job growth across most sectors.
Jobs grew significantly in construction (+46,000), food service and
drinking places (+32,000), retail trade (+31,000), and professional and
business services (+28,000).
Jobs grew significantly in construction (+46,000), food service and
drinking places (+32,000), retail trade (+31,000), and professional and
business services (+28,000)
More good news came from the revisions to the September and October
surveys. The new estimates found that employers created 35,000 more
jobs than previously believed.
The payroll survey further reported average hourly earnings rising 4
cents in November and up 2.3 percent over the past year. Over that same
period, inflation has averaged just 0.2 percent, so real wages have
grown more than 2 percent over the past year. This is moderately better
than historical averages.
One figure notably did not improve in November: how long workers stay
unemployed. The average duration of unemployment remained at 28 weeks,
a level that has not improved since June. While fewer Americans lack
jobs than before, those who do lose them still take an average of more
than six months to find new work.
Another dark spot in an otherwise sunny report came in the mining
sector, which lost 11,000 more jobs in November and has shed 123,000
jobs since last December. The ongoing fall in energy prices accounts
for this. While less expensive gas benefits most American consumers, it
has reduced investment in domestic energy production.
On the whole, the labor market appears to be growing robustly, but the
wounds of the Great Recession have not fully healed.
Read this and other articles with links at The Daily Signal
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