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BLS Jobs Report

Updated: Dec 20, 2021

Job Report: November

The Bureau of Labor Statistics (BLS) reported that were 210,000 jobs created in November, which was much weaker than the 550,000 expected. There were 82,000 in positive revisions to September and October, which makes up for some of the miss. The Unemployment Rate decreased from 4.6% to 4.2%. Within the household survey there were 1.14M job creations, while the labor force increased by almost 600,000. The number of unemployed people decreased by 542,000, causing the unemployment rate to fall by 0.4%. The labor force participation rate did move a little higher with from 61.6% to 61.8% with the increase in the labor force, but remains very low. There was a misclassification error that would add another 0.1% to the unemployment rate, which was not counted. Meaning that the unemployment rate should have been around 4.3%. The U-6 all-in unemployment rate improved from 8.3% to 7.8% and is more indicative of the true unemployment rate. Average hourly earnings and average weekly earnings are both up roughly 5% year over year. Wage growth is running even hotter if you annualized the pace over the last 6 months.

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