Highlights of the November 2010 Employment Report:
The economy gained a net 39,000 jobs in November, well below the 150,000 that the market was expecting. Private employment increased by 50,000. November marks the 11th consecutive month of private sector job growth. The number of unemployed people in November grew to 15.1 million, highlighting the need to extend unemployment insurance benefits for at least another year.
The unemployment rate grew to 9.8% in November following three months at 9.6%. The labor force participation rate was unchanged at 64.5%. All major worker groups saw an increase in their rates of unemployment -- black unemployment rate was up to 16% (from 15.7%); unemployment rate for black men was up to 16.7% (from 16.3%); for black women 13.1% (from 12.7%); whites 8.9% (from 8.8%); and Latinos 13.2% (from 12.6%). Rates of teen unemployment were 20.9% for whites (from 23.6%), 46.5% for African-Americans (from 48%) and 30% for Latinos (from 31.6%). The rate of underemployment (including the unemployed, marginally attached and those working part-time for economic reasons) was unchanged at 17%.
The ranks of long-term unemployed (jobless for 27 weeks or more) edged up slightly from October – now at 6.3 million or 41.9% of all unemployed.
Professional & business services (+53,000), health care (+19,000), and Leisure and hospitality (+11,000) displayed the most growth in November as retail trade (-28,000), local government (-14,000), manufacturing (-13,000), financial activities (-9,000) and construction (-5,000) sectors experienced losses.