The nation’s headline unemployment number declined in November, from 10.2% to 10%. Nonfarm payroll jobs declined by 11,000, with the average decline over the past three months being 135,000. Job loses were primarily in construction, manufacturing, and information services. Jobs were added in the areas of temporary help and health services. A measure over unemployment that includes individuals that have stopped looking for work and those who have taken part time work in lieu of full time work, referred to as U-6, declined from 17.5% to 17.2%.
Chart 1: Unemployment Rate, October 2007 through November 2009
Chart 2: Month over month change in nonfarm payroll, October 2007 through November 2009
After a big jump in unemployment in October, the November numbers will be heartening to investors. S&P futures and the dollar have both posted gains since the release of the data.
Garrett W. McIntyre
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