November Gave Up Some Decent Jobs Numbers, Lifting Spirits... - Real Time Insight
December 07 2012 - 4:25AM
Zacks
November’s job adds provided optimism to stock markets this
morning, suggesting the markets needed a boost. Sentiment coming
into the Friday report had a more negative tone, due to the lower
ADP numbers reported on Wednesday.
Total nonfarm payroll employment increased by
+146,000 in November. October was revised to +138,000 from
+171,000. September was revised to +132,000 from
+148,000. Since the beginning of 2012, employment growth has
averaged +151,000 per month, about the same as the average monthly
job gain of +153,000 in 2011. That means November is
about as solid an example of average as one can get.
No worries.
The unemployment rate
edged down to 7.7%.
Inside the November job
numbers, the divide between growth driven by consumer spending, and
lethargic activity by businesses continues apace.
Many key sectors that led
were consumer sectors, i.e. Retail and Wholesale Trade, and Leisure
& Hospitality were among the leaders.
Construction and
Manufacturing sectors lost jobs.
Listed in order of
importance in November:
(1) Retail
trade employment rose by +53,000 and has increased by
+140,000 over the past 3 months. Over the month, job gains occurred
in clothing and clothing accessory stores (+33,000), in general
merchandise stores (+10,000), and in electronics and appliance
stores (+9,000). Employment in miscellaneous store retailers
decreased by 13,000.
(2) Professional
and business services rose by +43,000. Employment
continued to increase in computer systems design and related
services.
(3) Health
care employment continued to increase in November
(+20,000), with gains in hospitals (+8,000) and in nursing care
facilities (+5,000). Health care has added an average of 26,000
jobs per month this year.
(4) Wholesale
trade edged up over the month (+13,000). Since reaching an
employment trough in May 2010, the industry has added 228,000
jobs.
(5)
Information employment also edged up in November
(+12,000), with the increase concentrated in motion picture and
sound recording (+15,000). On net, information employment has
changed little over the past 12 months.
(6) Leisure and
hospitality employment continued to trend up (+23,000).
Over the past 12 months, the industry has added 305,000
jobs.
(7)
Construction declined by -20,000, with much of the loss
occurring in construction of buildings (-11,000). Since early 2010,
construction has shown no clear trend.
(8)
Manufacturing employment changed little over the month.
Within the industry, job losses in food manufacturing (-12,000) and
chemicals (-9,000) more than offset gains in motor vehicles and
parts (+10,000) and wood products (+3,000). On net, manufacturing
employment has changed little since this past
spring.
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