Skip to main content

Job gains keep unemployment at 5 percent

The U.S. economy added 211,000 jobs in November and the nation’s unemployment rate held steady at 5 percent.

Exceeding expectations, the U.S. economy added 211,000 jobs in November and the nation’s unemployment rate held steady at 5 percent.

The U.S. Department of Labor said today that there were job gains in construction, professional and technical services, and health care. The consensus forecast was for an increase of 200,000 jobs. The number of unemployed people was essentially flat, at 7.9 million, in November. The department upwardly revised its job figures for the previous two months. The September number moved up by 8,000, to 145,000, and the October figure improved by 27,000, to 298,000, for a total additional gain of 35,000 jobs.

Reuters said the solid job growth makes it likely that the Federal Reserve will raise interest rates when its Federal Open Market Committee meets Dec. 15-16.

"We cleared the last hurdle for a rate increase. The Fed was looking for some positive movement on wages, and we got a little bit of that. There is absolutely nothing in this report that will keep the Fed from raising rates," Chris Gaffney, president at EverBank World Markets in St. Louis, told Reuters.

The department said the number of people who have been jobless for 27 weeks or more was little changed, at 2.1 million, in November and has shown little movement since June. The civilian labor force participation rate was 62.5 percent, and it also changed little in November.

The number of people employed part time for economic reasons (sometimes referred to as involuntary part-time workers) increased by 319,000, to 6.1 millio, in November, after declines in September and October. These people, who would have preferred full-time employment, were working part time because their hours had been cut back or because they were unable to find a full-time job.

In November, 1.7 million people were marginally attached to the labor force, down by 392,000 from a year earlier. (The data are not seasonally adjusted.) These people were not in the labor force, wanted and were available for work and had looked for a job sometime in the prior 12 months. They were not counted as unemployed because they had not searched for work in the four weeks preceding the survey.

Related

1_AdobeStock_175388620

Clearing the Waterways

In Florida, in the aftermath of Hurricane Ian, it was estimated that there were 6,000 derelict boats in southwest part of the state. In most cases, boat owners don’t know resources are available to remove them because until recently there weren’t many.

1_AdobeStock_40421038

A Window on the World

Inflation, supply-chain kinks and the continuing war in Ukraine continue to be serious concerns, but numerous companies with a global presence for exports are reporting optimism at the start of 2023.

1_BRP

BRP Announces Mexico Production Facility

The $165 million plant will open in early 2025 in Chihuahua and create up to 1,300 jobs while bolstering production capabilities.

1_COAST. GUARD.FOUNDATION

C.G. Foundation Announces Scholarships

The program each year awards more than $500,000 to qualifying children of active duty, active duty reserve and retired Coast Guard members.

PROPSPEED-HIRES

Propspeed Expands U.S. Sales Team

Josh McGuire and Cole Barone were named regional sales managers for the Northeast and West Coast.

NEWPORT-IMPACT

Newport Boat Show Had $26.1M Impact

The September show drew more than 40,000 attendees last year, with boat sales estimated at $35 million to $40 million.

AdobeStock_182031788

Consumers Feel a Bit Better

A key measure of U.S. consumer confidence rose in December as the economy added 223,000 jobs, the smallest gain in two years. The Conference Board reported that its Consumer Confidence Index rose to 108.3 from 101.4 in November.

1_AdobeStock_272924647

How the ABYC Creates Standards

Standards are a full-time mission for the ABYC that goes beyond simply putting out a new supplement every July. As an organization built on a tradition of common-sense and real-world experiences, the ABYC works on standards development year-round with its Project Technical Committees.

1_5d02b934eb29f602144abe88

Year Three of Five

Fear of an impending exodus, especially with concerns about a looming economic recession, has leaders at the MRAA, the National Marine Manufacturers Association and the Recreational Boating & Fishing Foundation urging the industry to start focusing immediately on improving customer service as the primary way to retain these boaters.