Job Growth Slows In November
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December 7, 2007 (Jobs Byte)
Job Growth Slows In November
Jobs Byte by Dean Baker
For Immediate Release: December 7, 2007
Contact: Alan Barber, (202) 293-5380 x115
The annual rate of wage growth over the quarter was just 2.9 percent.
The establishment survey showed the economy
adding just 94,000 jobs in November, somewhat less than had been
expected. This number is made somewhat worse by the fact that job
growth was revised down by 49,000 for the prior two months. Job growth
has averaged 100,000 a month since July, with private sector growth
averaging just 66,000.
Construction and manufacturing continue to be drags on total
employment, losing 24,000 and 11,000 jobs, respectively. The job loss
in construction is concentrated in the residential sector, but
employment in non-residential building has been edging downward since
March, suggesting that the boom in this sector may be coming to an end.
The reported job loss in the residential sector is growing, but
employment is still down less than 4 percent from peak levels, a clear
understatement of the impact of the housing slump. Manufacturing
employment is down by 183,000 from its year ago level, a fall of 1.3
percent. The sectors that have been hit hardest by this job loss have
been textile mills (10.8%), apparel (8.9%), and autos (5.9%).
The financial services sector lost 20,000 jobs in November, reflecting
the slowdown in housing. The credit intermediation sector has now lost
58,200 jobs since July, 2.0 percent of total employment.
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