Jobless report reveals mixed bag
Source: Agencies |
December 8, 2012, Saturday
|
Print Edition
Print Edition
THE US economy added 146,000 jobs in November, and the jobless rate fell to 7.7 percent, the lowest since December 2008. The drop was largely due to the fact that more Americans stopped looking for work and weren't counted as unemployed.
The Labor Department's report yesterday offered a mixed picture of the economy.
Hiring remained steady during Superstorm Sandy and in the face of looming tax increases. But the government said employers added 49,000 fewer jobs in October and September than it initially estimated.
The jobless rate fell to a four-year low in November from 7.9 percent in October, reflecting a continued exodus of workers from the labor force.
The report "is something of a mixed bag but, on balance, it's a positive," said Paul Ashworth, an economist at Capital Economics.
Sandy's effect on the figures was much smaller than many analysts had predicted. The government noted that as long as employees worked at least one day during a pay period - two weeks for most people - its survey would have counted them as employed.
Still, there were signs that the storm disrupted economic activity. Construction employment dropped 20,000. And weather prevented 369,000 people from getting to work - the most for any month in nearly two years. These workers were still counted as employed.
Since July, the economy has added an average of 158,000 jobs a month. That's a modest rise from 146,000 average in the first six months of the year.
The job growth suggests that most employers aren't yet delaying hiring because of the "fiscal cliff." That's the combination of sharp tax increases and spending cuts set to take effect next year unless the White House and Congress reach a budget deal before then.
There is "no obvious impact from the looming fiscal cliff yet," Ashworth added. "But it could still have a greater effect on December's figures."
Last month, retailers added 53,000 positions. Temporary help companies added 18,000, and education and health care also gained 18,000.
The Labor Department's report yesterday offered a mixed picture of the economy.
Hiring remained steady during Superstorm Sandy and in the face of looming tax increases. But the government said employers added 49,000 fewer jobs in October and September than it initially estimated.
The jobless rate fell to a four-year low in November from 7.9 percent in October, reflecting a continued exodus of workers from the labor force.
The report "is something of a mixed bag but, on balance, it's a positive," said Paul Ashworth, an economist at Capital Economics.
Sandy's effect on the figures was much smaller than many analysts had predicted. The government noted that as long as employees worked at least one day during a pay period - two weeks for most people - its survey would have counted them as employed.
Still, there were signs that the storm disrupted economic activity. Construction employment dropped 20,000. And weather prevented 369,000 people from getting to work - the most for any month in nearly two years. These workers were still counted as employed.
Since July, the economy has added an average of 158,000 jobs a month. That's a modest rise from 146,000 average in the first six months of the year.
The job growth suggests that most employers aren't yet delaying hiring because of the "fiscal cliff." That's the combination of sharp tax increases and spending cuts set to take effect next year unless the White House and Congress reach a budget deal before then.
There is "no obvious impact from the looming fiscal cliff yet," Ashworth added. "But it could still have a greater effect on December's figures."
Last month, retailers added 53,000 positions. Temporary help companies added 18,000, and education and health care also gained 18,000.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 娌狪CP璇侊細娌狪CP澶05050403鍙-1
- |
- 浜掕仈缃戞柊闂讳俊鎭湇鍔¤鍙瘉锛31120180004
- |
- 缃戠粶瑙嗗惉璁稿彲璇侊細0909346
- |
- 骞挎挱鐢佃鑺傜洰鍒朵綔璁稿彲璇侊細娌瓧绗354鍙
- |
- 澧炲肩數淇′笟鍔＄粡钀ヨ鍙瘉锛氭勃B2-20120012
Copyright 漏 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
