The nation's unemployment climbed fro 9.6 % to 9.8%. Employers added only 39000 jobs in November, down 172000 from October . Employers need to create 120000 new jobs a month just to maintain the current unemployment rate of 9.8%. All sectors cut jobs last month. This is the 19th straight months that unemployment was over 9%.
The unemployment report becomes a realty check for some economists who hoping for a recovery. It is indeed slower than they thought.Recovery becomes a long way off when employer's are not willing to hire.To reduce the unemployment figures there needs to be 300000 new jobs created a month.
There were 75000 jobs lost in construction, the majority of which were commercial. Residential was a minor loss. The other factor adding to the umemployment rate rising was the number of persons entering the work force again. More households became a two wage earner household again.
The good news is the manufacturing sector is growing and stabilizing. The number of hours current employees are working has gone up, and wages have gone up 5 cents. This means work is starting to stabilize for current workers.
We are on our way to recovery, however slowly but surely.
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