Total nonfarm payroll employment changed little in November (+64,000) and has shown little net
change since April, the U.S. Bureau of Labor Statistics reported today. In November, the
unemployment rate, at 4.6 percent, was little changed from September. Employment rose in health
care and construction in November, while federal government continued to lose jobs.
…
The change in total nonfarm payroll employment for August was revised down by 22,000, from -4,000
to -26,000, and the change for September was revised down by 11,000, from +119,000 to +108,000.
With these revisions, employment in August and September combined is 33,000 lower than previously
reported. Due to the recent federal government shutdown, this is the first publication of October
data and thus there are no revisions for October this month.
emphasis added
Click on graph for larger image.
The first graph shows the jobs added per month since January 2021.
Payrolls for August and September were revised down by 33 thousand, combined. The economy has only added 100 thousand jobs since April (7 months).
The second graph shows the year-over-year change in total non-farm employment since 1968.
In November, the year-over-year change was 0.03 million jobs.
The third graph shows the employment population ratio and the participation rate.
The Labor Force Participation Rate increased to 62.5% in November, from 62.4% in September (no October data). This is the percentage of the working age population in the labor force.
The Employment-Population ratio was decreased to 59.6% from 59.7% in September (blue line).
I’ll post the 25 to 54 age group employment-population ratio graph later.
The fourth graph shows the unemployment rate.
The unemployment rate was increased to 4.6% in November from 4.4% in September.
This was sligthly above consensus expectations, however, August and September payrolls were revised down by 33,000 combined – and the initial October estimate was -105,000.
I’ll have more later …