- +143,000 jobs added
- U3 unemployment rate unchanged at 4.1%
- U6 underemployment rate rose +0.1% from 8.0% to 8.1%
- Not in Labor Force, but Want a Job Now: rose +43,000 from 5.265 million to 5.308 million
- Part time for economic reasons: rose +64,000 from 4.851 million to 4.915 million
- Employment/population ratio ages 25-54: rose +0.1% from 79.0% to 79.1%
- Average Weekly Earnings for Production and Nonsupervisory Personnel: rose $.0.07 from $22.23 to $22.30, up +2.3% YoY. (Note: you may be reading different information about wages elsewhere. They are citing average wages for all private workers. I use wages for nonsupervisory personnel, to come closer to the situation for ordinary workers.)
Trump specifically campaigned on bringing back manufacturing and mining jobs. Is he keeping this promise?
- Manufacturing jobs rose by +25,000 for an average of +17,500 a month vs. the last seven years of Obama’s presidency in which an average of 10,300 manufacturing jobs were added each month.
- Coal mining jobs fell -400 for an average of -63 a month vs. the last seven years of Obama’s presidency in which an average of -300 jobs were lost each month
October was revised downward by -33,000. November was revised upward by +24,000, for a net change of -9,000.
- the average manufacturing workweek fell -0.1 hour from 40.9 hours to 40.8 hours. This is one of the 10 components of the LEI.
- construction jobs increased by +30,000. YoY construction jobs are up +210,000.
- temporary jobs increased by +7,000.
- the number of people unemployed for 5 weeks or less decreased by -18,000 from 2,253,000 to 2,235,000. The post-recession low was set over two years ago at 2,095,000.
- Overtime was unchanged at 3.5 hours.
- Professional and business employment (generally higher- paying jobs) increased by +19,000 and is up +488,000 YoY.
- the index of aggregate hours worked in the economy rose by 0.1% from 115.9 to 116.0.
- the index of aggregate payrolls rose by 0.7% from 172.2 to 172.9.
- the alternate jobs number contained in the more volatile household survey increased by +104,000 jobs. This represents an increase of 1,267,000 jobs YoY vs. 2,055,000 in the establishment survey.
- Government jobs rose by 2,000.
- the overall employment to population ratio for all ages 16 and up was unchanged at 60.1 m/m and is up + 0.3% YoY.
- The labor force participation rate was unchanged m/m and is also unchanged YoY at 62.7%
This was a mediocre but not bad report. There was growth in almost all sectors of employment. Participation measures were positive. Aggregate payrolls and hours increased.