November 2007 Job Report Statistics

Here are the job market and
compensation numbers for November of 2007:


94,000 job gain in November 2007

  • 24,000 more than expected by Economists
  • In light of the revisions of September and October, the
    job market really has lost 24,000 jobs compared to original readings over
    the last 3 months

October has a revised 170,000
increase in jobs

  • Originally reported as 166,000 job increase

September has a revised 52,000
increase in jobs

  • Originally reported as 110,000 job increase

Unemployment rate stayed at 4.7%

  • Forecasters thought it would raise to 4.8%

Wages were up 0.2%

  • Wage is up 0.5% for the month
  • Fastest pace since April of 2006
  • Ahead of the 0.3% forecasted
  • October was revised to 0.1% increase
  • Over the last 12 months, wages are up 3.8%
  • Better than the 3.5% increase in retail prices

$17.63 is the average hourly wage


Specific Segment Job numbers:

Construction lost 24,000 workers

  • Most in residential construction jobs (20,000 loss)

Manufacturers lost 11,000 jobs in November

 Banks, lenders, and real estate
trimmed 25,000 jobs

Retailers showed a 24,000 job increase


Other information:

The four week moving average of new unemployment filings is the highest is 2
years

The birth-death model (starting new businesses and closing businesses), which
is included in the estimates for the government numbers, over the last 12
months shows 1,128,000 jobs added. The number of jobs created according to the
government report is 1,216,000 total. That is 88,000 or 7,000 a month gain from
employers not considered part of the birth-death model. That is not the story
the White House wants to tell (thank you to Floyd Norris for this tidbit)

About benleeson
My name is Ben Leeson. I currently work for a large financial company in IT. I went to school at Marist College in Poughkeepsie, NY. I graduated with a B.S. in Business Administration concentrating in HR. Professor William Brown taught me and I enjoyed his classes; even acquiring an appreciation for just about all things HR. I didn’t pursue a job in that field after college but I’ve kept up with it. This blog will further my fascination with all things HR. I hope to grow my knowledge of the area through thoughtful writings and spirited feedback. I will attempt to have a fairly routine style so anyone reading can come to expect certain segments. Please excuse my incorrect grammar and occasional misspelling.

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