The Bureau of Labor Statistics reported this morning that employment rose by 120,000 jobs in November, about 10,000 more than economists predicted. Unemployment rate dipped again to 8.6%, the lowest it has been in the past two and a half years. Job gains for September and October were also revised, adding another 72,000 jobs combined.
The private sector once again saw job gains, while Federal, state, and local government payrolls continued to decline, down another 20,000 in November. Much of the government job losses were seen from the US Postal Service, which cut 5,000 jobs during November. Within the private sector, 140,000 jobs were gained with the retail industry accounting for more than 1/3 of private sector job gains. Other industries that saw employment growth included the transportation, professional & business services, leisure & hospitality, and health care industries. Temporary hiring – often seen as an indicator of future permanent hiring – saw increases again in November. However, construction, manufacturing, and mining jobs slipped.
Along with the preliminary report for September, the BLS also issued its final estimate of job gains for September to 210,000 jobs, up from last month’s revised 158,000. October’s preliminary estimate was also adjusted with an additional gain of 20,000. Originally reported with 80,000 jobs added, it is now estimated at 100,000 jobs gained with one more revision scheduled.
Economists are split: Is this really good news for the long terms or better explained by seasonal holiday hiring and a slight increase. We shall all wait and see, but hopefully the news stays on the positive front.