THE NOVEMBER EMPLOYMENT SITUATION
By: Hope Wilkos, Writer/Blogger Photographer: George Whylie Videographer: Maxine NolanAs President Obama gets ready to start another term in office, we are looking at a better picture of the employment situation last month creating a hopeful sign for a brighter future. It certainly is a long term plan but we are headed in the right direction. This is another reason why it is crucial that Congress extends the Middle Class Tax Cuts so the economy continues to grow.
In an effort to create jobs in the hardest-hit sectors, President Obama continues to urge Congress to pass elements of the American Jobs Act, which includes further investment in infrastructure to rebuild our nation’s ports, roads and highways, and assistance to State and local governments to prevent layoffs and to enable them to rehire hundreds of thousands of teachers.
The latest report released on Friday, December 7, 2012, shows private sector businesses added 147,000 jobs last month. Total non-farm payroll employment rose by 146,000 jobs during the month of November. This marks 33 straight months of adding jobs in the private sector and 5.6 million jobs in total (accounting for the preliminary benchmark revision).
The household survey shows that the unemployment rate declined from 7.9 in October to 7.7% in November, an all-time low since December 2008. The labor force participation rate declined by 0.2% point last month. Over the last 12 months, the unemployment rate has decreased by 1% as a result of growing employment, and the labor force participation rate has remained unchanged.
Based on the establishment survey, November employment rose notably in retail trade (+52,600), professional and business services (+43,000) and leisure and hospitality (+23,000). Manufacturing lost 7,000 jobs and construction was down 20,000. On a more positive note, the manufacturing sector has added jobs in 28 of the last 34 months, gaining half a million jobs over that period, the most for any such period since the mid-1990’s.
Government lost 1,000 jobs as federal government payrolls decreased by 5,000, state government payrolls increased by 6,000 and local government payrolls declined by 2,000.
Keep in mind that the monthly employment and unemployment figures can be very volatile and the employment estimates can be subject to substantial revision.
STATEMENT RELEASED BY THE WHITE HOUSE, OFFICE OF THE PRESS SECRETARY
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