Posted by Paladin on December 10, 2014
A total of 321,000 jobs were added to the U.S. Workforce in November as unemployment rate remained flat.
Despite widespread job creation, the unemployment rate held steady at 5.8 percent and the number of unemployed (9.1 million) was little changed from October. However, the overall unemployment rate and number of unemployed persons over the year has declined by 1.2 percentage points and 1.7 million, respectively.
The BLS also reported that while the number of long-term unemployed (those jobless for 27 weeks or more) was also little changed (2.8 million individuals in November), the number of long-term unemployed has declined by 1.2 million, over the past 12 months. These individuals accounted for 30.7 percent of the unemployed population.
The employed are working slightly more hours each week and earning more too. The average workweek is now at 34.6 hours, and average hourly earnings rose by 9 cents to $24.66. Over the past 12 months, average hourly earnings have risen by 2.1 percent.
The professional and business services sector lead the way in terms of growth, adding an impressive 86,000 new jobs.
This month, the professional and business services sector lead the way in terms of job creation, adding an impressive 86,000 new jobs, compared to its average gain of 57,000 per month over the past year. Employment in temporary help services continued to trend up as well with 23,000 jobs added in November.
The labor force participation rate held steady but number of discouraged workers declined.
The civilian labor force participation rate held steady at 62.8 percent in November and has been essentially unchanged since April. The November employment-population ratio was unchanged at 59.2 percent, but the ratio is up by 0.6 percentage point over the year.
While the total number of persons marginally attached to the labor force remained unchanged at 2.1 million from last year, the number of discouraged workers (those persons not currently looking for work because they believe no jobs are available for them) dropped slightly (698,000) after an uptick in October (770,000).
BLS revisions show additional 44,000 jobs.
This month’s BLS shows a few revisions that indicate the market is adding more jobs than previously reported. For September, the BLS revised the number of new jobs added from 256,000 to 271,000 and for October, the number changed from 214,000 to 243,000. With these revisions, employment gains in September and October combined were 44,000 more than previously reported
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