Friday, December 4, 2015

The November Jobs Report

November's jobs report couldn't have been more on the nose with recent trends. The Bureau of Labor Statistics said nonfarm payrolls increased by 211,000 jobs in November; the economy has added an average of 210,000 jobs a month this year. The headline unemployment rate was unchanged at 5 percent. 

On top of that, the October number was revised upward to 298,000  from the previous estimate of 271,000, and September was revised from 137,000 to 145,000. The consensus seems to be that the report gave the Federal Reserve plenty of confidence in the economy, and enough reason to raise rates later this month.

The construction industry led last month’s job creation, adding 46,000 jobs, while retailers added 31,000. But mining, which includes oil and gas extraction jobs, continues to reel: It lost 11,000 jobs last month, and is down 123,000 since December 2014.

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