THE BASIS POINT

Getting Real about Jobs

The following is a capusule of my detailed analysis of the BLS Employment Situation Report which will appear here a bit later.

– Nominal Nonfarm jobs was +141,000. The two previous months were revised to +138,000 (October) and +132,000 (September). Those had been 171,000 and 148,000. That is a loss of 49,000 from the previous report making the net gain in jobs since the last report 92,000.
– Real (population adjusted) job growth was 19,500. It we take out the 49,000 jobs lost from the revision to the 2 previous months we would have real jobs loss.
– the Unemployment Rate was 7.746% down from 7.875% in October 2012 
– Average hourly earnings was $23.63 up from $23.59 in October 2012
– Average work week was 34.4 hours down from a revised 34.5 hours in October 2012
– Private jobs were +147,000. Government jobs were -1,000

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