Global| Dec 04 2015U.S. Payrolls Rise Moderately: Unemployment Rate Stabilizes While Earnings Gains Ease
by:Tom Moeller
|in:Economy in Brief
Summary
Nonfarm payrolls grew 211,000 during November following upwardly revised gains of 298,000 and 145,000 during the prior two months. The increase outpaced expectations for a 200,000 gain in the Action Economics Forecast Survey. The rise [...]
Nonfarm payrolls grew 211,000 during November following upwardly revised gains of 298,000 and 145,000 during the prior two months. The increase outpaced expectations for a 200,000 gain in the Action Economics Forecast Survey. The rise in employment was accompanied by expected stability in the unemployment rate at 5.0%. The overall unemployment rate, including marginally attached workers and those employed part-time for economic reasons, ticked up to 9.9%. Moreover, firm jobs readings did not accelerate improvement in hourly earnings. The 0.2% gain matched expectations but eased from 0.4% in October.
The labor market data is contained Haver's USECON database. Detailed figures are in the EMPL and LABOR databases. The expectations figure is in the AS1REPNA database.
Sentiment of the FOMC: Unscripted from the Federal Reserve Bank of Kansas City is available here.
| Employment: (SA, M/M Change, 000s) | Nov | Oct | Sep | Y/Y | 2014 | 2013 | 2012 |
|---|---|---|---|---|---|---|---|
| Payroll Employment | 211 | 298 | 145 | 1.9% | 1.9% | 1.7% | 1.7% |
| Previous | -- | 271 | 137 | -- | -- | -- | -- |
| Manufacturing | -1 | 1 | -8 | 0.3 | 1.4 | 0.8 | 1.7 |
| Construction | 46 | 34 | 19 | 4.2 | 4.8 | 3.7 | 2.1 |
| Private Service Producing | 163 | 274 | 169 | 2.4 | 2.2 | 2.2 | 2.2 |
| Government | 14 | -6 | -20 | 0.5 | 0.0 | -0.3 | -0.8 |
| Average Weekly Hours - Private Sector | 34.5 | 34.6 | 34.5 | 34.6 (Nov.'14) |
34.5 | 34.5 | 34.4 |
| Private Sector Average Hourly Earnings (%) | 0.2 | 0.4 | 0.1 | 2.3 | 2.1 | 2.1 | 1.9 |
| Unemployment Rate (%) | 5.0 | 5.0 | 5.1 | 5.8 (Nov.'14) |
6.1 | 7.4 | 8.1 |
Tom Moeller
AuthorMore in Author Profile »Prior to joining Haver Analytics in 2000, Mr. Moeller worked as the Economist at Chancellor Capital Management from 1985 to 1999. There, he developed comprehensive economic forecasts and interpreted economic data for equity and fixed income portfolio managers. Also at Chancellor, Mr. Moeller worked as an equity analyst and was responsible for researching and rating companies in the economically sensitive automobile and housing industries for investment in Chancellor’s equity portfolio. Prior to joining Chancellor, Mr. Moeller was an Economist at Citibank from 1979 to 1984. He also analyzed pricing behavior in the metals industry for the Council on Wage and Price Stability in Washington, D.C. In 1999, Mr. Moeller received the award for most accurate forecast from the Forecasters' Club of New York. From 1990 to 1992 he was President of the New York Association for Business Economists. Mr. Moeller earned an M.B.A. in Finance from Fordham University, where he graduated in 1987. He holds a Bachelor of Arts in Economics from George Washington University.
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