It's The Economy Stupid: Unemployment Rate Changes

Economic Event	Period	Economic Survey	Actual Reported	Original Prior	Revised Prior
Change in Nonfarm Payrolls	NOV	85K	146K	171K	138K
Change in Private Payrolls	NOV	90K	147K	184K	189K
Change in Manufact. Payrolls	NOV	-4K	-7K	13K	10K
Unemployment Rate	NOV	7.9%	7.7%	7.9%
Avg Hourly Earning MoM All Empl	NOV	0.2%	0.2%	0.0%
Avg Hourly Earning YoY All Empl	NOV	1.7%	1.7%	1.6%
Avg Weekly Earning YoY All Empl	NOV	34.4	34.4	34.4
Change in Household Employment	NOV		-122	410
Uderemployment Rate	NOV		14.4%	14.6%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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.

 

 

 

John Broussard

Assistant State Treasurer

Chief Investment Officer

State of Louisiana

Department of the Treasury

Ph:  225-342-0013

Fx:  225-342-9721

Email:  jbroussard@treasusry.state.la.us

Street Address:

445 North Blvd, 7^th Floor

Baton Rouge, LA 70802

Mailing Address:

P.O. Box 44154 Capitol Station

Baton Rouge, LA 70804-4154

Physical Location:

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