146,000 Jobs Added In November, Beat Expectation Of 85,000, Unemployment Rate Lower At 7.7%
Looks like Sandy was not an issue at all in the November jobs report which beat in both the number of jobs added, at 146,000 on expectations of 85,000, while the unemployment rate declined to 7.7% from 7.9%, where it was expected to post as well. Watch this space next month for prio revisions: September and October saw 49K downward revisions combined. November will suffer the same fate.
and manufacturing jobs dropped more than expected...
Confused why the unemployment rate dropped? The same, favorite BLS adjustment - a drop in the labor force participation rate which declined by 0.2% to 63.6% once again, as the number of people out of the labor increased by over 540K to 88,883,000.
In terms of quality of jobs, the biggest gain was in retail jobs as expected in part of the Thanksgiving rush, which added +53K jobs, Professional and Business services rose by 43K, of which Administrative and Waste Services was +23K, and Hospitality and Leisure +23K: all los paying jobs. Construction jobs lost: 20K.