Friday, December 2, 2011
More Details on the November Employment Report
Why did earnings decline even though more jobs were created? The top three industries with employment gains (seasonally adjusted) were (1) food service and drinking places (+32,700); (2) clothing stores (+26,700); and (3) temporary help services (+22,300). Thus two-thirds of the job gains for November were in three relatively low-paying industries. Thus, the economy is adding jobs, which is good news. However, the quality of the jobs could be better. It reinforces the view that the economic recovery continues, but remains sluggish.