Courtesy of Mish.
Initial Reaction
The payroll survey shows a net gain of 321,000 jobs vs. a Bloomberg consensus expectation of 230,000 jobs. September was revised up from 256,000 to 271,000. October was revised up from 214,000 to 243,000.
The unemployment rate was steady although employment only rose by 4,000 in the household survey. Unemployment actually rose by 115,000. Swings in household survey employment and the labor force have been wild lately.
Once again we are in a situation where the establishment survey and the household survey are at odds. Over time these fluctuations tend to smooth out. The question, as always, is “in whcih direction”.
BLS Jobs Statistics at a Glance
- Nonfarm Payroll: +321,000 – Establishment Survey
- Employment: +4,000 – Household Survey
- Unemployment: +115,000 – Household Survey
- Involuntary Part-Time Work: -177,000 – Household Survey
- Voluntary Part-Time Work: +235,000 – Household Survey
- Baseline Unemployment Rate: +0.0 at 5.8% – Household Survey
- U-6 unemployment: -0.1 to 11.4% – Household Survey
- Civilian Non-institutional Population: +187,000
- Civilian Labor Force: +119,000 – Household Survey
- Not in Labor Force: +69,000 – Household Survey
- Participation Rate: +0.0 at 62.8 – Household Survey
November 2014 Employment Report
Please consider the Bureau of Labor Statistics (BLS) November 2014 Employment Report.
Total nonfarm payroll employment increased by 321,000 in November, and the unemployment rate was unchanged at 5.8 percent, the U.S. Bureau of Labor Statistics reported today. Job gains were widespread, led by growth in professional and business services, retail trade, health care, and manufacturing.
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Unemployment Rate – Seasonally Adjusted
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