The Post-Employment Economy

The November jobs report just came out and it was terrible. The economy created just 39,000 jobs. A total of 50,000 private sector jobs were created while 11,000 government jobs were lost. The unemployment rate rose to 9.8%.

These numbers are well below expectations. The Street was expecting 150,000 new jobs and 175,000 new private sector jobs.

Private companies, which have been hiring since the beginning of the year, added 50,000 jobs in November. Most of those increases came in the form of temporary help, where 40,000 jobs were added, and in health care, with an additional 19,000 jobs.

Retail jobs declined by 28,000 in November, while manufacturing, which had showed some strength earlier in the year, lost 13,000 jobs. Government jobs dropped by 11,000 in the month.

Included in the latest report were revisions from previous months. The agency now says that the economy added 172,000 jobs in October, instead of the 151,000 jobs previously reported. September was revised to a loss of 24,000 jobs from a loss of 41,000.

Since the recession ended, the economy has lost 101,000 jobs.

Posted by on December 3rd, 2010 at 8:37 am


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