November Employment Remains Strong

By Thomas Cooley and Peter Rupert

Payroll employment rose 228,000 for November as reported by the BLS, with the private sector gaining 221,000. The increases were widespread, with only Utilities down slightly and Information employment down 4,000. The Goods producing sector was up 62,000: Mining and Logging 7,000, Construction 24,000 and Manufacturing 31,000. Government employment was up 7,000 after declining for the past few months. Revisions nearly offset, with September up 20,000 and October down 17,000.

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Average weekly hours rose to 34.5 and average hourly earnings up from $26.50 to $26.55.

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From the household data there is little to report. basically no change in the unemployment rate, from 4.06 % to 4.12%, or the participation rate. However, long term unemployment remains remarkably elevated.

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The overall strength of the labor market and the previous GDP report make a December rate hike pretty much a done deal.

 

 

 

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