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

To: Chispas who wrote (42139)	12/2/2005 10:15:01 AM
From: mishedlo	Read Replies (2) \| Respond to of 116555

U.S. Nov. nonfarm payrolls rise by 215,000 - Friday, December 2, 2005 2:16:04 PM afxpress.com WASHINGTON (AFX) - U.S. job growth recovered in November, with nonfarm payrolls rising by 215,000, the best growth since July, the Labor Department said Friday The unemployment rate was steady at 5%. The figures were in line with expectations on Wall Street, where economists had forecast a gain of 223,000 and a jobless rate of 5%. Payrolls in September and October were revised higher by a total of 13,000. September's payrolls, which had originally been reported as a decline of 35,000, rose by 17,000 in the latest revision. Payrolls increased by 44,000 in October, down from 56,000 estimated last month. Job growth in September and October was depressed by the destruction and disruptions from Hurricanes Katrina and Rita, said Kathleen Utgoff, commissioner of the Bureau of Labor Statistics Total hours worked in the economy fell 0.1% in November. The average workweek fell by a tenth of an hour to 33.7 hours Average hourly earnings increased by 3 cents, or 0.2%, to $16.32. Average earnings have risen 3.2% over the past year, the biggest jump since March 2003. Wage growth is a chief concern of the Federal Reserve, which fears that wage pressures could imbed an inflationary psychology in the economy. Average wages are still rising slower than inflation, however The Fed is expected to raise interest rates for a 13th consecutive meeting on Dec. 13 The storms are still having a large impact on employment. Of 900,000 adults who were evacuated from their homes in August, half had returned to their homes by mid-November. The unemployment rate for those who still haven't returned home was 27.8%, with many others having dropped out of the labor force The aftermath of the storms is likely adding to construction employment, which rose by 37,000 in November Factory employment rose by 11,000 in November, but the average workweek in manufacturing dropped to 40.8 hours from 41 hours Among 84 manufacturing industries, 51.8% were hiring in November, the largest percentage since July 2004 In the service-producing industries, employment increased by 165,000. Education and health care added 36,000 jobs after losing 10,000 in October. Professional and business services added 29,000 jobs, as did leisure and hospitality Retail added 8,500 jobs Among 278 industries, 62.4% were hiring in November, the best since May 2004 The separate household survey showed employment declined by 52,000 while unemployment rose by 149,000 to 7.58 million The labor-participation rate remained at 66.1%. The employment-to-population ratio fell to 62.8% from 62.9%