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News : US Economy Last Updated: Dec 6, 2013 - 2:23 PM

US added 203,000 jobs in November; Unemployment rate fell to 7%
By Finfacts Team
Dec 6, 2013 - 2:03 PM

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The US unemployment rate declined from 7.3% to 7.0% in November, and nonfarm payroll employment rose by 203,000. Employment rose in transportation and warehousing, health care, and manufacturing. The broad rate of unemployment was at 13.2%. The labour-force participation rate, a measure of both people who are working and those who are actively looking rose slightly above the October level of 62.8% - -  it's lowest level in more than three decades. The 30-year average stands at around 65.8%.

Incorporating the revisions for September and October, which increased employment growth by 8,000 on net, monthly job gains have averaged 193,000 over the past 3 months.

Transportation and warehousing employment increased by 31,000 over the month, with gains in couriers and messengers (+9,000), truck transportation (+8,000), warehousing and storage (+5,000), and air transportation (+3,000).

Health care added 28,000 jobs in November and has added an average of 19,000 jobs per month thus far this year. Monthly job gains in 2012 averaged 27,000 in the industry. In November, job growth occurred in home health care services (+12,000) and offices of physicians (+7,000), while employment declined in nursing care facilities (-4,000).

Manufacturing added 27,000 jobs in November. Within the industry, food manufacturing (+8,000) and motor vehicles and parts (+7,000) added jobs over the month.

Employment in retail trade continued to trend up (+22,000). Over the prior 12 months, retail employment rose by an average of 31,000 per month. In November, there were job gains in general merchandise stores (+14,000), sporting goods and hobby stores (+12,000), and automobile dealers (+7,000).

Employment also continued to trend up over the month in professional and business services (+35,000), construction (+17,000), and leisure and hospitality (+17,000). Employment in other major industries showed little change.

Average hourly earnings of all employees on private nonfarm payrolls rose by 4 cents in November. Over the past 12 months, average hourly earnings have risen 48 cents, or 2.0%. From October 2012 to October 2013, the Consumer Price Index for All Urban Consumers (CPI-U) rose by 0.9%.

Turning now to our survey of households, the unemployment rate decreased by 0.3%age point in November to 7.0%. The number of unemployed persons fell by 365,000 over the month. Among the unemployed, the number of persons on temporary layoff declined by 377,000 in November, largely reflecting the return of federal workers who were furloughed in October due to the partial government shutdown.

Although the number of unemployed persons declined, the labour force grew by 455,000 in November, reflecting an increase of 818,000 in the number of those employed. The gains in labour force and employment followed declines in October. The labour force participation rate, at 63.0%, changed little in November. The employment-population ratio rose by 0.3 percentage point to 58.6%, offsetting a decrease of the same size in October.

Among the employed, the number of persons working part time for economic reasons fell by 331,000 to 7.7m in November. These individuals would have preferred full-time employment, but had their hours cut or were unable to find full-time work.

Among those neither working nor looking for work in November, 2.1m were considered marginally attached to the labour force, down by 409,000 from a year earlier. The marginally attached are those who had not looked for work in the 4 weeks prior to the survey but wanted a job, were available for work, and had looked for a job within the last 12 months. Of the marginally attached, 762,000 were classified as discouraged workers in November, down by 217,000 from November 2012. Discouraged workers are those who were not searching for work because they believed no jobs were available for them.

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