Very disappointing considering the other economic data of late - especially compared to ADP. I assume it will be revised up in the future. A big drop in retail employment (-28K) which one assumed would have surged due to holiday hiring. Might be a seasonal adjustment issue.
Private jobs +50K
Public jobs -11K
Average weekly hours fell to boot.
Average hourly earnings were $22.75 in November from $22.74
Unemployment rate up to 9.8% from 9.6% the past 3 months, which could be more people looking for work as their 99 weeks expire. Labor force participation rate has been incredibly low - so as this jumps back up, the unemployment rate will rise.
EDIT: The rate did not increase due to labor force participation increasing. That figure is stuck at 64.5% again in the report. That's bad; it means the unemployment rate rose for reasons that had nothing to do with more people coming back into the workforce seeking new work.
U6 (broad unemployment) = 17% flat from last month.
Overall the bifurcated economy continues on. Stock market can rally on this because really, who needs employed Americans - they only weigh on corporate profits. Asians are employed and we'll sell stuff to them. Buy the dip; the Santa Rally lives.
Friday, December 3, 2010
Wow - Quite a Disappointment: November Figures: +39K Jobs, Unemployment Rate 9.8%
Best Of FMMF
- 1: Warren Buffet Piles on Europe
- 2: [Video] Jim Chanos Returns from Europe, Even More Bearish on China
- 3: A Chart to Open Our Eyes - Staggering Changes by Multinationals in Employment Behavior 00s vs 90s
- 4: Futures Blasted on Dexia Woes... and Poor Preliminary China Data
- 5: Market Working to Worst Thanksgiving Since 1932
- 6: Et Tu, German Bonds? Poor Auction Raises Eyebrows