In a bit of good economic news that is sure to be touted by the White House, the November unemployment rate has declined to 10 percent, as job losses slowed to 11,000 in the month.
The Department of Labor also revised downward the job losses in the previous months. September was revised to 139,000 job losses to 219,000 job lossses, and October was revised down to 111,000 job losses from 190,000.
The largest gains in November came from jobs in “professional and business services,” which rose 86,000, (52,000 of those jobs were temporary). Health care employment increased by 21,000, But offsetting those gains were construction employment (-27,000), manufacturing employment (-41,000), and information industry employment (-17,000).
At the same time, however, there were 861,000 discouraged workers in November, up from 608,000 a year earlier. Also, 9.2 million people were still working part-time because their hours were cut or they couldn’t find full-time employment, a number that was unchanged.
The bottom line is that this morning’s report still shows that the economy is losing jobs, but at a slower rate. Of course, one month of good data doesn’t make a trend. This report may be a sign that the worst is over on the unemployment front, or it could be an aberration.
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