Dec 072012

The Bureau of Labor Statistics (BLS) released The Employment Situation report for November of 2012 and the unemployment rate edged down to 7.7 percent in November. The number of unemployed persons dropped 300,000 to 12.0 million. Employment increased in retail trade, professional and business services, and health care. The number of long-term unemployed (those jobless for 27 weeks or more) was little changed at 4.8 million. Keep in mind that there is another group of people who are not being counted in this statistic because they have run out of benefits and are no longer being tracked by the BLS. You can read the entire report here but as always, the summary is below.

GigSpire Note:

Keep in mind the spike in hiring right now is tied to the holiday shopping season. With the looming fiscal cliff and the massive layoffs that will occur after the holiday season, do not be surprised if we see unemployment jump back up…

Job Growth

  • Retail trade employment rose by 53,000
    • Clothing and clothing accessory stores (+33,000)
    • General merchandise stores (+10,000)
    • Electronics and appliance stores (+9,000)
  • Professional and business services rose by 43,000 particularly in computer systems design and related services
  • Health care employment continued to increase (+20,000)
    • Hospitals (+8,000)
    • Nursing care facilities (+5,000)
    • Health care has added an average of 26,000 jobs per month this year.
  • Employment in wholesale trade edged up over the month (+13,000)
  • Motion picture and sound recording (+15,000).
  • Leisure and hospitality employment continued to trend up (+23,000).
  • Manufacturing jobs increased in:
    • Motor vehicles and parts (+10,000)
    • Wood products (+3,000)

Job Losses

  • Construction declined by 20,000 in November, with much of the loss occurring in construction of buildings (-11,000).
  • Manufacturing employment had job losses in food manufacturing (-12,000) and chemicals (-9,000)