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Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?

To: Pogeu Mahone who wrote (17523)	12/3/2004 9:27:50 AM
From: mishedlo	Read Replies (2) \| Respond to of 116555

U.S. Nov. nonfarm payrolls up 112,000 Friday, December 3, 2004 1:45:59 PM afxpress.com WASHINGTON (AFX) - U.S. nonfarm payrolls increased a disappointing 112,000 in November while the unemployment rate dipped to 5.4 percent, the Labor Department estimated Friday Economists were looking for stronger growth of about 204,000 in November, according to a survey conducted by CBS MarketWatch. None of the 42 economists surveyed forecast a figure as low as 112,000 Payroll gains in September and October were revised down by a total of 54,000. October's gains were revised to 303,000 from 337,000. Over the past three months, job growth has averaged 178,000 per month Employment is up 2.3 million since the nadir in August 2003 Further details of the business establishment survey were weak. The average workweek fell by a tenth of an hour to 33.7 hours, while total hours worked in the economy dropped by 0.2 percent Average hourly wages rose 1 cent, or 0.1 percent, to $15.83. Weekly earnings dropped 0.2 percent to $533.47 In November, 51.8 percent of the 278 industries were adding jobs, down from 58.8 percent in October Manufacturing firms shed 5,000 jobs, the third decline in a row after small gains earlier in the year. Construction added 11,000 jobs after a big gain in October in the aftermath of the hurricanes Services added 104,000 jobs in November after 241,000 in October. Retail firms lost 16,000 jobs. Professional and business services added 28,000 after 100,000 in October, including 9,000 more in temporary help agencies. Health care added 28,000 jobs A separate survey of households showed much greater strength, although economists have cautioned that the establishment survey is generally more reliable. In the household survey, employment grew by 483,000 while unemployment fell by 45,000 to 8.027 million, producing an unemployment rate of 5.4 percent The unemployment rate for teenagers fell to 16.6 percent from 17.2 percent, while the jobless rate for blacks rose a tenth to 10.8 percent. The jobless rate for whites was unchanged at 4.7 percent The percent of adults who were working edged up to 62.5 percent, while 66.1 percent of adults were working or looking for work, both up by two tenths of a percentage point The average duration of unemployment remained high at 19.9 weeks. Of the 8 million unemployed workers who are looking for work, 1.7 million, or 21.7 percent, have been out of work longer than six months. This story was supplied by CBSMarketWatch. For further information see www.cbsmarketwatch.com

To: Pogeu Mahone who wrote (17523)	12/3/2004 9:50:51 AM
From: mishedlo	Respond to of 116555

Real wages falling, Maryland professor says Friday, December 3, 2004 2:25:45 PM afxpress.com WASHINGTON (AFX) -- With average hourly wages up just 0.1 percent in November, take-home pay for most U.S. workers is falling behind the rising costs of energy and health care, said Peter Morici, business professor at the University of Maryland. "American workers can expect their paychecks to buy less and less each month," he said, while painting a grim picture for job growth in the near term. "Economic growth is already likely to slow in the first and second quarters of 2005, and further interest rate increases will further chill growth and jobs creation, without having significant effects on inflation."