After so many positive signs for the economy during the week, things came crashing back to earth on Friday with a dismal jobs report. The American economy created just 39,000 jobs in November, driving the official unemployment rate back up to 9.8 percent. Despite the ADP report we cited earlier, the private sector added only 50,000 jobs, while the public sector lost 11,000.
A disturbing signal within the numbers: The industry showing the greatest job growth for the month was temporary help services. That accounted for 40,000 new jobs in November. As you can see, all the other industries combined lost a thousand jobs. In other words, the only thing that gave us any job growth at all was temp jobs.
Meanwhile, manufacturing lost 13,000 jobs in November. This economy is going to have to do better than that.
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