Report from Bureau of Labor Statistics revealed that non-farm payrolls jumped in November, beating expectations by 82 percent.
The Department of Labor’s Bureau of Labor Statistics reported that non-farm payrolls jumped in November by 146,000. The result was 82 percent higher than economists’ expectations for 80,000 new jobs. Although the result was a decline from October’s 171,000-job advance, the drop was much less significant than what was anticipated. The unemployment rate fell from 7.9 percent to 7.7 percent – its lowest level since December of 2008.
From the report:
Total nonfarm payroll employment rose by 146,000 in November, and the unemployment rate edged down to 7.7 percent, the U.S. Bureau of Labor Statistics reported today. Employment increased in retail trade, professional and business services, and health care.
Household Survey Data
The unemployment rate edged down to 7.7 percent in November. The number of unemployed persons, at 12.0 million, changed little. (See table A-1.)
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The number of long-term unemployed (those jobless for 27 weeks or more) was little changed at 4.8 million in November. These individuals accounted for 40.1 percent of the unemployed. (See table A-12.)
The civilian labor force participation rate declined by 0.2 percentage point to 63.6 percent in November, offsetting an increase of the same amount in October. Total employment was about unchanged in November, following a combined increase of 1.3 million over the prior 2 months. The employment-population ratio, at 58.7 percent, changed little in November.
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Establishment Survey Data
Total nonfarm payroll employment increased by 146,000 in November. Since the beginning of this year, employment growth has averaged 151,000 per month, about the same as the average monthly job gain of 153,000 in 2011. In November, employment rose in retail trade, professional and business services, and health care.
Friday’s good news from the Bureau of Labor Statistics was offset by the preliminary Reuters / University of Michigan Consumer Sentiment Index for December, which fell to 74.5 from November’s reading of 82.7. The final report will reveal what drove the figure down, although for the mean time, most analysts are assuming that concern about the fiscal cliff was the likely cause. Inflection Points