The November Employment Report

Earlier today, the Bureau of Labor Statistics payroll survey claimed that the U.S. added 120,000 jobs in November while the population survey claimed that the unemployment rate fell from 9.0% to 8.6%. Furthermore, the BLS revised its earlier estimates for job growth in September and October, adding an additional 127,000 jobs. This sounds like good news. Sadly, however, it is not. The gains in payrolls are still too meager to put a meaningful dent in the number of people without work. Likewise, the sharp drop in the headline unemployment rate is due more to a collapse in the number of people looking for work rather than actual growth in the number of people employed.

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