The Bureau of Labor Statistics reported that the overall unemployment situation was unchanged from October to November. The unemployment rate moved down slightly from 10.196% to 9.992% and non-farm payrolls dipped by a mere 11,000. Job losses for September and October were revised downward, so over the last three months total net job losses were 261,000 compared to 921,000 in the three summer months. Job losses in many sectors—manufacturing and construction especially—continue unabated, but for the first time in many months there are real signs of hope. The most heartening is the growth in temporary help, which has moved from a low of 1.74 million jobs in July to 1.86 million in November, including an increase of 52,000 in October (see chart). As employers begin feeling the need to add workers, they often start with temporary hires before feeling confident enough to add permanent workers. Another hopeful sign is an increase in the average workweek for production and nonsupervisory workers by 0.2 hours to 33.2 hours, the highest level since February.
Few people, except those who were recently hired, should be popping champagne corks just yet. The true unemployment rate, including so-called “marginally attached” or discouraged jobseekers, remains stubbornly high at 17.2%. Both the average and median length of unemployment continue climbing, to 28.5 weeks and 20.1 weeks respectively. But, while the November employment picture is still not good, it is the least bad since 2007.
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