The Bureau of Labor Statistics has just released the employment situation report for November 2012.
Nonfarm payrolls increased in November by 146k, a decline from the revised October increase of 171k. This is a pretty neutral to negative report, without indicating economic collapse nor booming expansion anytime soon.
The unemployment rate (U-3) ticked down to 7.7%, lower than last month’s 7.8% reading. The real unemployment rate (U-6) decreased as well, falling below October’s 14.6% to a still high 14.4%.
The labor force participation rate fell in November to 63.6%, compared to 63.8% in October.
The employment-population ratio decreased to 58.7% from 58.8% in October.
Among production and non-supervisory employees, average weekly hours worked increased to 33.7 from 33.6 the month prior. Average hourly earnings increased also, to $19.84 from $19.81 in October.
Unemployment rate by duration includes some negative news this month, as those who have been unemployed the longest are still having the hardest time finding work. Of the unemployed:
- Less than 5 weeks: Rose to 21.6% compared to 21.4% a month ago.
- 5 to 14 weeks: Fell to 23.0% compared to 23.1% a month ago.
- 15 to 26 weeks: Rose to 15.2% compared to 14.9% a month ago.
- 27 weeks and over: Fell to 40.1% compared to 40.6% a month ago.
The more lasting unemployment dilemma still lies in the inability of our nation’s youth to find work.
- 16 to 17: Increased to 28.5% compared to 25.1% a month ago.
- 18 to 19: Decreased to 20.3% compared to 22.7% a month ago.
- 20 to 24: Decreased to 12.7% compared to 13.2% a month ago.
- 25 to 34: Decreased to 7.9% compared to 8.3% a month ago.
- 35 to 44: Decreased to 6.2% compared to 6.3% a month ago.
- 45 to 54: Decreased to 6.0% compared to 6.1% a month ago.
- 55+: Remained unchanged at 5.8%.
The unemployment rate for men decreased to 7.9% from October’s 8.0%, while the unemployment rate for women fell to 7.6% from 7.7% the month prior.
Among all veterans, the unemployment rate increased, but continues to be better than the general population coming in at 6.6% in November, higher than October’s 6.3% figure.
The men fare much better among veterans though. Their unemployment rate in November increased to 6.3% from 5.9% in October, but the wildly volatile women veterans unemployment rate is a still high 9.3%, better than the 9.5% the month prior.
2 out of the 4 races tracked by the BLS saw decreasing unemployment in November. Something went very wrong for Asians in November, as their remarkably low unemployment rate rose considerably:
- White: Decreased to 6.8% from 7.0% the month prior.
- Black: Decreased to 13.2% from 14.3% the month prior.
- Asian: Increased to 6.4% from 4.9% the month prior.
- Hispanic: Remained unchanged at 10.0%.
Finally, let’s take a look into the ever-telling unemployment rate by education statistics.
- Less Than a High School Diploma: Remained unchanged at 12.2%.
- High School Graduates: Decreased to 8.1% from 8.4% the month prior.
- Some College or Associate Degree: Decreased to 6.5% from 6.9% the month prior.
- Bachelor’s Degree and Higher: Remained unchanged at 3.8%.