Change in Nonfarm Payrolls
Change in Private Payrolls
Change in Manufact. Payrolls
Avg Hourly Earning MoM All Empl
Avg Hourly Earning YoY All Empl
Avg Weekly Earning YoY All Empl
Change in Household Employment
Unemployment Rate drops to 7.7% from 7.9%
Underlying trend in payrolls stays at around 150K
Payrolls rose more than anticipated in November and the jobless rate fell to an almost four-year low, indicating superstorm Sandy had little effect on the U.S.
labor market. Employment climbed by 146,000 following a revised 138,000 gain in October that was less than initially estimated. The unemplyment rate dropped to 7.7%. The unemployment rate in November was forecast to hold at 7.9 percent, according to the survey median. Projections ranged from 7.9 percent to 8.1 percent.
Gains in hiring indicate consumer spending, the biggest part of the economy, will keep expanding. At the same time, concern about more than $600 billion in fiscal tightening (the “Fiscal Cliff”, feel free to quote this) slated for early next year threatens growth and may set back employment, one reason Federal Reserve policy makers are weighing increasing stimulus.
The poll of households, used to calculate the jobless rate, showed that 369,000 people were not at work because of bad weather during the survey week. The average of the last 10 Novembers was 70,000. The Labor Department said it conducted the survey a week earlier than typical because of the Thanksgiving holiday.
Assistant State Treasurer
Chief Investment Officer
State of Louisiana
Department of the Treasury
445 North Blvd, 7th Floor
Baton Rouge, LA 70802
P.O. Box 44154 Capitol Station
Baton Rouge, LA 70804-4154
One City Plaza, 7th Floor
Corner of North Blvd & 4th Street
Exit 1B I-110 Convention Street,
Turn Left to get to North Blvd,
Turn Right on North Blvd