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Jobless rate falls to 10% as job losses shrink
8:30a ET December 4, 2009 (MarketWatch)
WASHINGTON (MarketWatch) - The U.S. labor market improved markedly in November, with the unemployment rate falling back to 10% and job losses shrinking to the lowest level in nearly two years, the Labor Department reported Friday.
Nonfarm payrolls dropped by a seasonally adjusted 11,000 in November, the fewest since December 2007. Payroll losses in September and October were revised lower by a total of 159,000.
The report was much better than expected by economists surveyed by MarketWatch, who were looking for 100,000 fewer jobs and a steady 10.2% unemployment rate.
Details of the report were largely favorable. Hours worked rose, temporary-help employment increased, and a larger percentage of industries were hiring. However, the number of people unemployed for longer than six months rose to 5.9 million, accounting for a record 38.3% of the jobless.
Service-producing industries added 58,000 jobs, the second straight increase. Goods-producing industries cut 69,000 jobs, according to a survey of hundreds of thousand of business establishments.
A separate survey of households showed employment rose by 227,000 in November and unemployment fell by 325,000 to 15.4 million. The unemployment rate fell by two-tenths from a 26-year high of 10.2% in October to 10% in November.
An alternative gauge of unemployment, which includes discouraged workers and those forced to work part-time, fell to 17.2% from 17.5%.
Total hours worked in the economy rose 0.6%. The average workweek increased to 33.2 hours from the record-low 33 hours in October.
Average hourly earnings rose 1 cent or 0.1%, to $18.74. Average hourly earnings are up 2.2% in the past year.
Ahead of the report, some economists cautioned that November's payroll figures could look better than they really were because of the way the government adjusts the data for seasonal factors. The unemployment rate wouldn't be affected by the seasonal factor issue.
In its survey of 400,000 business establishments, the government found that employment fell by a seasonally adjusted 11,000 to 131 million in November. Government employment rose by 7,000.
Employment in the goods-producing sector fell by 69,000, the fewest since May 2008, including 27,000 in construction and 41,000 in manufacturing. The average workweek in manufacturing rose to 40.4 hours from 40.1 hours.
Service-producing jobs rose by 58,000, including 86,000 in professional and business services and 40,000 in health and education. Temp-help jobs increased by 52,000.
Retail industries cut 15,000 jobs.
Of 271 industries, 40.6% were hiring in November, the highest in 18 months. |
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