Unemployment dips to 7 percent

Author:
Updated:
Original:

The U.S. economy created 203,000 jobs in November as the unemployment rate fell to a 5-year low of 7 percent, the U.S. Bureau of Labor Statistics said today.

Employment rose in transportation and warehousing, health care and manufacturing. Additionally, some federal workers who had been counted as jobless in October returned to work after the partial federal government shutdown. The number of unemployed people fell to 10.9 million from 11.3 million in September.

Reuters reported this morning that the stronger-than-expected reading on job growth could stir speculation that the Federal Reserve might reduce its current pace of bond purchases this month, but most economists think the Fed will want further signs of economic progress before acting.

Reuters also said job gains the government reported for September and October were revised to show 8,000 more jobs created than previously reported, lending strength to the employment report. Other details were also upbeat, with employment gains across the board, higher hourly earnings and a longer workweek.

"The U.S. labor market is still far from healed, but it certainly is moving in the right direction. This number puts a December taper on the table, but it isn't a certainty," Eric Stein, portfolio manager at Eaton Vance Investment Managers in Boston, told the news service.

Reuters said the jobless rate fell even as the participation rate — the share of working-age Americans who either have a job or are looking for one — bounced back from a 35-1/2-year low in October.

The government said the number of long-term unemployed people — those jobless for 27 weeks or more — was essentially unchanged, at 4.1 million, in November. They accounted for 37.3 percent of the unemployed. The number of long-term unemployed has declined by 718,000 during the last 12 months, the government said.

The number of people employed part time for economic reasons fell by 331,000, to 7.7 million, in November. They were working part time because their hours had been cut or because they were unable to find a full-time job.

In November, 2.1 million people were marginally attached to the labor force, down by 409,000 from a year earlier. They were not in the labor force, but they 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.

The government said job growth has averaged 195,000 a month during the last 12 months.

Related

Siren’s 3 Series Receives NMEA 2000 Certification

The Internet of Things technology allows OEMs and other stakeholders to receive such data as engine metrics, fault codes and service requirements.

Galeon Launches Outboard Series

The first model in the series, the 325 GTO, will be powered by twin 350-hp Mercury Verados.

We Have Liftoff

Foil-equipped powerboats are poised to enter the mainstream recreational marine market.

Scania to Power Demo Viking 46

The Swedish engine manufacturer will use the boat in tournaments and other events to showcase its power options to the U.S. market.

Quick Hits: January 20, 2021

ShoreMaster, HydroHoist and Neptune rebranded as Waterfront Brands; Boats Group acquires more European brokerage sites; and Gill Fishing partners with rgyr agency.

Should You Require Employee Vaccinations?

With the Covid vaccines becoming more readily available, it’s a topic that’s worth addressing now.

Parker Sponsors ‘Journey for a Cause’

An Indiana college student will embark on a 10-day passage from the Ohio River to the Gulf of Mexico to highlight inclusion and fishing.

With Great Power Comes Great Challenges

Today’s high-horsepower outboards are heavy, and produce prodigious power and torque — three factors that boatbuilders must balance.

Guy Harvey Foundation Awards Scholarships

The inaugural Legacy Scholarship went to four Florida high school seniors who are attending Nova Southeastern University.