Heritage Employment Report: November Jobs Not Quite a Feast
The Bureau of Labor Statistics reported that the number of jobs grew in November by 120,000 and that the unemployment rate fell to 8.6 percent, the lowest level since March 2009. The sharp drop in the unemployment rate was a result of solid job growth in the household survey and also, worryingly, a large exodus of people from the workforce. The payroll survey continues the story of a slow recovery. November job gains were a bit lower than the average for the past year, but revisions in previous months were up 72,000 jobs. This is a jobs report that contains some good news, although it is likely that the sharp drop in the unemployment rate is more of a blip than a new low.