Employment Numbers Encouraging Despite Slowed Growth, Economic Concerns

The U.S. Secretary of Labor Elaine L. Chao issued a optimistic statement concerning the November employment numbers today, saying -

"Despite challenges in the housing markets and high energy prices, we've now seen 51 consecutive months of job growth -- the longest uninterrupted period of job growth since employment surveys have been taken. Ninety-four thousand net new jobs were created in November, and the unemployment rate held steady at a low 4.7 percent, better than market forecasts. The substantial increase in average hourly earnings in November is also good news for workers and demonstrates the effectiveness of economic policies that keep taxes low."

The unemployment rate is only .2% higher than at this time last year. Manufacturing and housing related employment such as real estate, construction and credit intermediation saw continued declines. The areas seeing continued growth are jobs in professional and technical services, as well as health care and food service.

The report states the average wage rose by .08 cents, although no mention was made of how this compares to the rate of real earnings, which adjust for inflation, in the employment report. The Department of Labor also released a real earnings report for September - October recently, which showed a .2 percent decrease in weekly earnings.

Due to the maner of which the survey is conducted, no distinction between legal and illegal workers is made in the numbers. Also, self-employed people are not included in the current survey. Household surveys take not of the self employed, giving an estimate of the total number which has remained flat.

The effect of new business begun the previous month may not be immediately measured.