December 5, 2014

November Jobs Report Short of a Christmas Miracle

The November jobs report released by the Bureau of Labor Statistics gave some cause for hope: Hiring jumped during November (which makes 2014 the best year for hires since 1999), even while the unemployment rate froze and wages barely rose to float above inflation. Here’s what BLS disclosed: “Total nonfarm payroll employment increased by 321,000 in November, and the unemployment rate was unchanged at 5.8 percent. … Job gains were widespread, led by growth in professional and business services, retail trade, health care, and manufacturing.” The U-6 measure of unemployment ticked down one-tenth of a percent to 11.4%. In the hiring statistic, 50,000 jobs were added to the retail industry, but how many happened because of seasonal hiring? Some stores start hiring early for the holiday boom – which didn’t really happen this year – in October. More…

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