The Economy Gains 228,000 Jobs in November, and Unemployment Unchanged at 4.1%

Posted by | December 08, 2017 | Uncategorized | No Comments

By Kenneth Quinnell The Economy Gains 228,000 Jobs in November, and Unemployment Unchanged at 4.1%

The U.S. economy gained 228,000 jobs in November, and unemployment was unchanged at 4.1%, according to figures released this morning by the U.S. Bureau of Labor Statistics. This continues the recovery of the labor market at a tempered rate, which means the Federal Reserve’s Federal Open Market Committee should continue to let the economy grow and not raise interest rates.

In response to the November jobs numbers, AFL-CIO Chief Economist William Spriggs tweeted:

So far this year, employment growth has averaged 174,000 a month compared to 187,000 last year. @AFLCIO #jobsreport

— William E. Spriggs (@WSpriggs) December 8, 2017

Continued attacks on health care access, like in the tax bill, have created uncertainty slowing growth in employment in health care. Growth has slowed to 24,000 a month this year from 32,000 a month last year. @AFLCIO #JobsReport

— William E. Spriggs (@WSpriggs) December 8, 2017

Wage growth continues to be moderate. Over the year, wages were up 2.5%. Combined with slowing average monthly job growth and uncertainty in health care from the tax bill; the @federalreserve needs to be slow on interest rate changes now. @AFLCIO #JobsReport

— William E. Spriggs (@WSpriggs) December 8, 2017

Convergence of Black employment-to-population ratio to overall employment rate that began back in 2011 is slowing. Overall employment-to-population ratio is still slow to recover. @AFLCIO @rolandsmartin @AprilDRyan @LVBurke #JobsReport pic.twitter.com/OW8BEiIdQZ

— William E. Spriggs (@WSpriggs) December 8, 2017

The broadest measure of unemployment (including part time but seeking full time and discouraged workers) is at 8.0% from 7.9% last month. So, labor market improvement stalls by broadest measures. @AFLCIO #JobsReport

— William E. Spriggs (@WSpriggs) December 8, 2017

2017 is on course to be the weakest average monthly job gain since 2012 and look at who agrees this is true. @AFLCIO https://t.co/gq4LjMDxj2

— William E. Spriggs (@WSpriggs) December 8, 2017

Last month’s biggest job gains were in professional and business services (46,000), manufacturing (31,000), health care (30,000) and specialty trade construction contractors (23,000). Employment in other major industries, including mining, wholesale trade, retail trade, transportation and warehousing, information, financial activities, leisure and hospitality, and government, changed little over the month.

Among the major worker groups, the unemployment rate for teenagers (15.9%) increased in November. The jobless rates for blacks (7.3%), Hispanics (4.7%), adult men (3.7%), adult women (3.7%), whites (3.6%) and Asians (3.0%) showed little change.

The number of long-term unemployed (those jobless for 27 weeks or more) was little changed in November, and accounted for 23.8% of the unemployed.

Kenneth Quinnell
Fri, 12/08/2017 – 10:43

Source: AFL-CIO

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