"While November's jobs increase was a pleasant surprise, the report noted that payroll employment fell by 105,000 jobs in October, largely due to a federal deferred-resignation program that cut employment by 162,000, and that the August and September employment data were revised down by 33,000 jobs. On top of these negative revisions from prior months, the unemployment rate rose to 4.6% with 7.8 million people unemployed."
"The most notable job gains in November occurred in health care (+46,000 jobs) and construction (+28,000 jobs). Within the construction sector, residential building construction gained 3,400 jobs. However, the number of residential specialty trade contractor jobs dropped by 3,700, offset by an 18,700 job increase for nonresidential specialty trade contractors. The real estate sector also posted a modest job gain in November, adding 3,200 jobs."
"For Mike Fratantoni, the senior vice president and chief economist at the Mortgage Bankers Association, this report supports the decisions made by the Federal Reserve last week to lower interest rates. FOMC members who voted last week for an additional rate cut received support for that action, given these signs of a weaker job market, he said in a statement. Inflation data later this week will be the other key driver of future monetary policy steps."
Payroll employment declined by 105,000 in October, largely tied to a federal deferred-resignation program that reduced employment by 162,000, and August and September job counts were revised down by 33,000. The unemployment rate rose to 4.6% with 7.8 million people unemployed, up from 4.2% and 7.1 million a year earlier. November added jobs in health care (+46,000) and construction (+28,000), with mixed results across construction specialties and a modest gain in real estate (+3,200). Federal government employment continued falling, down 271,000 year-to-date, and transportation and warehousing lost 18,000 jobs. Economists view the weaker labor signals as supportive of recent Fed rate cuts, while upcoming inflation and December jobs data will influence future policy decisions.
Read at www.housingwire.com
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