November Jobs Report: Good Tidings for EmploymentDecember 6th, 2013 | Articles, Job Search, Press Releases and Industry News | No Comments »
This morning, the Bureau of Labor Statistics had good tidings to share: the November Jobs Report shows that the economy is continuing to rebound along a positive trajectory. 203,000 new jobs were added to the domestic workforce, unemployment statistics made a substantial plummet, and even corrections for September and October were proportionately miniscule. On the surface, these numbers all bode well for economic recovery in the wake of the Great Recession but will a deeper look dampen initial celebrations.
Increased Job Numbers
Original predictions for the number of new jobs to be added during November were in the ballpark of 185,000 but the 203,000 reported by the Bureau of Labor Statistics augers well for a continued recovery. There was significant growth in the professional services (up by over 35,000 jobs), manufacturing (up by 27,000 jobs), and transportation/warehousing (up by 31,000 jobs) sectors.
With the holiday season in full swing, it was to be expected that the retail trade industry was up 22,000 jobs. Seasonal employment for the holidays may have boosted the numbers across several of these sectors, so we should expect to see a drop in employment when the January Jobs Report is released. How extreme that drop will be is yet to be determined.
In October, the unemployment rate ticked upward from 7.2 percent to 7.3 percent, an increase that might have corresponded with the mandatory furloughs imposed by the 16 day government shutdown. November employment dropped back down and then some, showing that only 7.0 percent of Americans nationwide were unemployed and actively searching.
That BLS statistic by itself can fail to capture the full amount of unemployed Americans (those who have opted out of the workforce or are collecting disability are not included) but the uplift of the labor participation rate from 62.8 percent to 63.0 percent suggests a small but not insignificant sign that unemployment is experiencing a legitimate decrease.
Read more at the BLS website.
by James Walsh