With this report the private sector will be celebrating a record shattering 81st straight month of job growth. Over the last 12 months, the overall economy has created 2.25 million new jobs and 15.6 million jobs overall since President Obama turned the economy around.
Here is a graphic from the US Department Of Labor showing the Bush economy transitioning into the Obama economy...
|Click image for larger view|
With that let's take a look at how the Jobs Report numbers breaks down...
The unemployment rate decreased by 0.3 percentage point to 4.6 percent, and the number of unemployed persons declined by 387,000 to 7.4 million.
The number of job losers and persons who completed temporary jobs edged down by 194,000 to 3.6 million in November. The number of long-term unemployed (those jobless for 27weeks or more) was little changed at 1.9 million and accounted for 24.8 percent of the unemployed. Over the past 12 months, the number of long-term unemployed was down by198,000.
The civilian labor force participation rate, at 62.7 percent, changed little in November, and the employment-population ratio held at 59.7 percent.
Employment in professional and business services rose by 63,000 in November and has risen by 571,000 over the year.
Employment continued to trend up in administrative and support services (+36,000), computer systems design and related services (+5,000), and management and technical consulting services (+4,000).
Health care employment rose by 28,000 in November.
Employment in construction continued on its recent upward trend in November (+19,000). Over the past 3 months construction has added 59,000 jobs, largely in residential construction.
Employment in other major industries, including mining, manufacturing, wholesale trade, retail trade, transportation and warehousing, information, financial activities, leisure and hospitality, and government, changed little over the month.
The average workweek for all employees was unchanged at 34.4 hours in November.
In November, average hourly earnings for all employees declined by 3 cents to $25.89, following an 11-cent increase in October.
Over the year average hourly earnings have risen by 2.5 percent. Average hourly earnings of private-sector production and nonsupervisory employees edged up by 2 cents to $21.73.
In additional good news the change in employment for September was revised up from +191,000 to +208,000.
In 2016, employment growth has averaged 180,000 per month, compared with an average monthly increase of 229,000 in 2015.
Here are some economic analyst take on this months report...
Paul Ashworth, chief U.S. economist at the consulting firm Capital Economics, noted that...
“The mix of November’s gain was encouraging. 63,000 jobs were added in professional and business services, which tend to be better paid positions.”
Jim O’Sullivan, chief U.S. economist at research firm High Frequency Economics, said of the unemployment rate...
“the trend in employment growth remains more than strong enough to keep the unemployment rate trending down.”
Gus Faucher, deputy chief economist at PNC Financial Services Group commented on wage growth saying...
“The tighter job market is pushing up wages as businesses compete for workers, but the process is gradual,”
Deputy Labor Secretary Chris Liu remarked on the the economic climate Donald Trump is walking into...
“It highlights the stark contrast of the economy we inherited and the one we’re passing off to our successor.”