Going back to the payroll report, private payrolls advanced 314,000 after increasing 236,000 in October. Analysts projected 225,000.
Goods-producing jobs gained 48,000 in November after a 28,000 advance the month before. Manufacturing employment increased 28,000 in November, following a boost of 20,000 in October. Motor vehicles and parts rose 11,000, after increasing 5,000 the month before. Construction jumped 20,000 after a gain of 7,000 in October. Mining slipped 1,000 in November, following no change the prior month.
Private service-providing jobs jumped 266,000 after a 208,000 increase in October. Strength again was in professional & business services and retail trade.
Average hourly earnings jumped 0.4 percent in November after edging up 0.1 percent the month before. Expectations were for a 0.2 percent rise. Average weekly hours edged up to 34.6 hours from 34.5 hours in October. Analysts expected 34.6 hours.
The November employment report clearly shows an improving economy. This suggests improving profits but also likely will raise chatter of the Fed moving forward the first increase in policy rates.
Recent History Of This Indicator:
Nonfarm payroll employment advanced 214,000 in October after gaining 256,000 September and 203,000 in August. Net revisions for August and September were up 31,000. The median market forecast for October was for a 240,000 boost. The unemployment rate dipped to 5.8 percent in October from 5.9 percent in September. Expectations were for 5.9 percent. The U-6 underemployment rate (which takes into account traditional unemployed, plus all persons marginally attached to the labor force, plus total employed part time for economic reasons, as a percent of the civilian labor force plus all persons marginally attached to the labor force) declined to 11.5 percent from 11.8 percent in September. This rate is one of Fed Chair Janet Yellen's favorite labor market indicators.
Going back to the payroll report, private payrolls grew 209,000 after advancing 244,000 in September. Average hourly earnings edged up 0.1 percent after no change in September. Average weekly hours ticked up to 34.6 hours versus 34.5 hours in September.
On a positive note (taking into account payroll growth, average hourly earnings, and change in the average workweek), private aggregate weekly earnings rose 0.6 percent in October, pointing to a notable rise in private wages & salaries. Production worker hours in manufacturing were up 0.3 percent for the month, suggesting a moderate manufacturing component for October industrial production.
Nonfarm payroll employment advanced 214,000 in October after gaining 256,000 September and 203,000 in August. Net revisions for August and September were up 31,000. The median market forecast for October was for a 240,000 boost. The unemployment rate dipped to 5.8 percent in October from 5.9 percent in September. Expectations were for 5.9 percent. The U-6 underemployment rate (which takes into account traditional unemployed, plus all persons marginally attached to the labor force, plus total employed part time for economic reasons, as a percent of the civilian labor force plus all persons marginally attached to the labor force) declined to 11.5 percent from 11.8 percent in September. This rate is one of Fed Chair Janet Yellen's favorite labor market indicators.
Going back to the payroll report, private payrolls grew 209,000 after advancing 244,000 in September. Average hourly earnings edged up 0.1 percent after no change in September. Average weekly hours ticked up to 34.6 hours versus 34.5 hours in September.
On a positive note (taking into account payroll growth, average hourly earnings, and change in the average workweek), private aggregate weekly earnings rose 0.6 percent in October, pointing to a notable rise in private wages & salaries. Production worker hours in manufacturing were up 0.3 percent for the month, suggesting a moderate manufacturing component for October industrial production.
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