The Feds reported that the jobless rate increased to 9.8% in November, the highest since April, as the latest data showed employers hiring at a slower pace and the number of long-term unemployed staying about constant. Some speculated that the November numbers didn’t reflect all of the holiday hiring that had been anticipated. Many economists had predicted the addition of nearly 150,000 jobs in November. But the report showed an addition of just 39,000, a sharp decline from the 172,000 jobs created in October. Retailers, factories, construction companies, financial firms, and the government all cut jobs during November.
There were 15.1 million people unemployed in November. Of those, 6.3 million fell in the long-term unemployed category (out of work for 27 weeks or more). Adding those unemployed people to others who are working part-time or underemployed in full-time jobs as well as those who have given up looking for work yields 17% of the labor force in the general category of underemployed (same stat as October).
Another factor reported: There was a record 1.3 million “discouraged” workers in November. These are people not currently looking for work because they believe there are no jobs available to them.
Source: http://fxn.ws/gfmaCS, courtesy CareerManagementAlliance.com “E-Bridge”
– Jan Melnik, MRW, CCM, CPRW, President, Absolute Advantage
Be inspired. It’s your career. It’s your life.