JOBS REPORT SMASHES EXPECTATIONS — UNEMPLOYMENT FALLS TO 7.7%

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The November jobs report is in, and it’s a gigantic beat.

146K new jobs is well above expectations of 85K.

Private payrolls came in at 147K, which means that there was only a 1K drag.

Unemployment falls to 7.7% from 7.9%.

This is the lowest lvel since 2008.

Futures are jumping on the number.

The biggest concern: Last month was revised down.

There are a couple other weak spots, but overall this is very positive. Here’s more from the report below.

For an explanation of how Sandy may have affected the numbers, see here >

From the BLS:

The unemployment rate edged down to 7.7 per cent in November. The number of unemployed persons, at 12.0 million, changed little. (See table A-1.)

Among the major worker groups, the unemployment rates for adult men (7.2 per cent), adult women (7.0 per cent), teenagers (23.5 per cent), whites (6.8 per cent), and Hispanics (10.0 per cent) showed little or no change in November. The unemployment rate for blacks (13.2 per cent) declined over the month. The jobless rate for Asians was 6.4 per cent (not seasonally adjusted), little changed from a year earlier. (See tables A-1, A-2, and A-3.)

The number of long-term unemployed (those jobless for 27 weeks or more) was little
changed at 4.8 million in November. These individuals accounted for 40.1 per cent of
the unemployed. (See table A-12.)

The civilian labour force participation rate declined by 0.2 percentage point to 63.6 per cent in November, offsetting an increase of the same amount in October. Total employment was about unchanged in November, following a combined increase of 1.3 million over the prior 2 months. The employment-population ratio, at 58.7 per cent, changed little in November. (See table A-1.)

The number of persons employed part time for economic reasons (sometimes referred to as involuntary part-time workers), at 8.2 million in November, was little changed over the month. These individuals were working part time because their hours had been cut back or because they were unable to find a full-time job. (See table A-8.)

In November, 2.5 million persons were marginally attached to the labour force, essentially unchanged from a year earlier. (These data are not seasonally adjusted.) These individuals were not in the labour force, wanted and were available for work, and had looked for a job sometime in the prior 12 months. They were not counted as unemployed because they had not searched for work in the 4 weeks preceding the survey. (See table A-16.)

Among the marginally attached, there were 979,000 discouraged workers in November, little changed from a year earlier. (These data are not seasonally adjusted.) Discouraged workers are persons not currently looking for work because they believe no jobs are available for them. The remaining 1.5 million persons marginally attached to the labour force in November had not searched for work in the 4 weeks preceding the survey for reasons such as school attendance or family responsibilities. (See table A-16.)

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