AUG: +151,000 jobs. Unemployment rate steady at 4.9%. AUG details here!.. Jobs since Obama took office?... Unemp. rate under Obama?

Friday, December 5, 2014

November 2014 Unemployment Rate, Jobs

November Highlights:
  • +321,000 new payroll jobs; +314,000 new private sector jobs.  These are really large increases.
  • Unemployment rate stays the same at 5.8%.  The number of people unemployed increased by 115,000.
  • Alternate unemployment rate drops to 11.4% (from 11.5%).
  • Labor force participation rate remains the same as 119,000 people join the civilian labor force.
  • Number of people working full-time decreased by about 150,000 while number of people working part-time increased by about 73,000.  That's 2,531,000 MORE people working full-time over the past year, since November 2013, and 309,000 MORE people working part-time over the past year. 
  • The number of involuntary part-time workers (people working part-time because they couldn't find full-time work) decreased 177,000 in November and dropped 873,000 over the past year, since November 2013.
  • September and October jobs numbers revised upwards by a total of 44,000.
Since the "trough" of the recession in late 2009/early 2010 in seasonally adjusted numbers:
  • 10.4 million MORE jobs in total
  • 10.9 million MORE private sector jobs
  • 9.3 million MORE people working
  • 8.9 million MORE people working full-time.
  • 291,000 MORE people working part-time.  
  • (Yes, despite what you may have heard, from the depth of the recession until now, we have many more additional people working full-time vs. part-time jobs. When a recession hits, companies generally cut back on full-time workers first.  When companies start hiring again, the number of full-time workers increases.)

Since Bush left office & Obama took office (January 2009) in seasonally adjusted numbers:
  • 6.1 million MORE jobs in total
  • 6.7 million MORE private sector jobs
  • 5.1 million MORE people working
  • 3.7 million MORE people working full-time
  • 1.4 million MORE people working part-time

Please check back for details and updates.


November 2014 reports: (Notation on the links will be changed to "November" or "Updated for November" when the updated reports become available.) 



Preview (written Thursday night):



Amidst the chaos of Ferguson and New York, we keep adding jobs and unemployment keeps dropping.  The Bureau of Labor Statistics publishes its monthly report later this morning, Friday, December 5th.  "The pundits" expect 230,000 more jobs when the BLS counts are released, with the unemployment rate stable at 5.8%. More jobs and the same unemployment rate would mean that more people are entering the labor force in November.

Some facts and numbers to ponder as we wait for the BLS release:
  • The ADP private payroller report came out yesterday which estimated an additional 208,000 private sector jobs in November. This means, according to ADP's estimates, that the US has added over 200,000 private sector jobs 7 out of the last 8 months. 
  • The Bureau of Labor Statistics believes that we have added at least 200,000 jobs (both public and private) for 9 straight months now. 
  • October had the lowest average weekly number of initial unemployment claims since SPRING of 2000!
  • September had the lowest number of layoffs and discharges since the BLS has been keeping track of those numbers, sometime in 2000.
  • Census numbers show that we have finally turned the corner on inflation-adjusted median household income and it is slowly starting to increase.
  • Inflation-adjusted weekly and hourly wages for production and non-supervisory employees (which excludes most of the high income people) continue to creep up. These wages have been higher during the Obama years than during any six year period since the mid 1970's.
We can only imagine where we'd be in this country now if the Republicans actually worked with Obama and the Democrats for the good of the country. 

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