Jobless Rate Drops to 7.0 Percent In November, 203K Jobs Added
Matt | On 06, Dec 2013
Here is a bit of good news on the economic front.
In November, the U.S. unemployment rate dropped to an even 7.0 percent for the month. A total of 203,000 jobs were added to the rolls.
The unemployment rate for November came in slightly better than October’s performance at 7.3 percent. Economists expected only 180,000 jobs to be added to the mix.
My read on this is that the economy is still growing at a tepid rate. This is a weak recovery that we are in, but it makes sense because we are on the backside of one of the worst recessions in history. The jobs numbers and unemployment rates are a good sign — though ones that observers would love to see showing much stronger (and faster) progress.
Other points to note from the jobless figures:
- Black unemployment (12.5 percent) is more than double that of whites at 6.2 percent.
- Of all ethnic groups, Asians have the best unemployment figures at only 5.3 percent.
- Women fared a bit better with only 6.2 percent unemployment to that of men at 6.7 percent.
- The three largest sectors for employment gains were professional and business services (+35,000), transportation and warehousing (+31,000), and health care services (+28,000).
On a separate note, I was watching MSNBC this week and someone said that the United States is leading all nations in the addition of jobs paying near the poverty line. In my mind, this has to factor into the monthly jobs figures we discuss on the news. It does feel that although people we know are working, it’s not the same quality of jobs that we once knew in this country. Just something to think about….
ANSWER IN THE COMMENTS SECTION BELOW:
How does the economic recovery feel to you or in your area of the United States?