Friday, December 5, 2014

Payrolls Rise 321,000, Unemployment Rate Unchanged

Total nonfarm payroll employment rose by 321,000 in November, the highest monthly increase since January 2012. November’s job gains were well above expectations. The unemployment rate remained unchanged at 5.8%. Both the September and October readings were revised upward by 15,000 and 29,000 respectively, for a net gain of 44,000 more jobs.

Employment increases were widespread. Service-providing jobs led growth, which increased by 266,000 jobs. Professional and business services added 86,000 jobs, retail trade added 50,200 jobs and education and health services added 38,000 jobs. Some of the growth in retail jobs might be due to seasonal factors. Goods-producing industries added 48,000 jobs, mainly in the manufacturing and construction sectors which added 28,000 and 20,000 jobs, respectively.

“We are looking at the best annual pace of job growth in 15 years. The strong economic growth during the second and third quarters has caused the labor market to kick into a higher gear," said ABA Chief Economist Jim Chessen.

The participation rate was unchanged at 62.8, in line with the last 12 months but still below the long-run average. The number of unemployed individuals declined by 115,000 in November.

Over the year, wage growth in average hourly earnings have risen by 2.1%, consistent with growth since the end of the recession.

The number of long term-term unemployed, those jobless for 27 weeks or more, dropped by 101,000 to 2.8 million. This group, which accounts for 31% of the unemployed, declined by 1.2 million in the past 12 months. The number of involuntary part-time workers, individuals employed part time for economic reasons, declined by 177,000 in November to 6.9 million, nearly 1 million less than November of last year.

Read the BLS report.

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