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发帖数: 2053 | 1 http://www.bloomberg.com/news/2010-12-03/u-s-added-39-000-jobs-in-november-unemployment-rose-to-9-8-.html
By Timothy R. Homan - Fri Dec 03 13:53:33 GMT 2010
Employers added fewer jobs than forecast in November and the unemployment
rate unexpectedly increased, underscoring the Federal Reserve’s decision to
pump more money into the economy to spur growth.
Payrolls increased 39,000, less than the most pessimistic projection of
economists surveyed by Bloomberg News, after a revised 172,000 increase the
prior month, Labor Department figures showed today in Washington. The
jobless rate rose to 9.8 percent, the highest since April, while hours
worked and earnings stagnated.
Stocks declined and Treasury securities jumped as the report showed payrolls
aren’t growing fast enough to reduce the jobless rate, one reason why Fed
policy makers announced a new round of monetary stimulus. More jobs are
needed to sustain the holiday-season gains in consumer spending, the biggest
part of the economy, into the new year.
“The labor market is not turning around, and that’s key to the overall
recovery,” said David Semmens, a U.S. economist at Standard Chartered Bank
in New York. “Anyone who feels that the Fed perhaps acted too prematurely
is definitely going to have to eat their words.”
Futures on the Standard & Poor’s 500 Index expiring this month dropped 0.7
percent to 1,214.02 at 8:50 a.m. in New York. The benchmark 10-year Treasury
note rose, pushing down the yield to 2.93 percent from 2.99 percent late
yesterday.
Private Payrolls
Private payrolls that exclude government agencies also gained less than
forecast, rising by 50,000 in November. Economists projected a 160,000 gain,
the survey showed.
The unemployment rate was forecast to hold at 9.6 percent, according to the
median prediction of 83 economists surveyed by Bloomberg. Estimates ranged
from 9.4 percent to 9.7 percent.
Manufacturers cut jobs for a fourth straight month, payrolls dropped at
construction companies and government employment declined.
Overall payrolls were forecast to climb by 150,000, according to the survey
median, with estimates ranging from 75,000 to 200,000. The October figure
was revised up from an initially reported gain of 151,000.
Manufacturing payrolls dropped by 13,000 in November, the most in three
months. Economists had projected an increase of 5,000.
Construction Payrolls
Employment at service-providers increased 54,000. The number of temporary
workers rose 39,500. Construction companies subtracted 5,000 workers and
retailers let go 28,100 workers.
Average hourly earnings were $22.75 in November from $22.74 in the prior
month, today’s report showed.
Government payrolls decreased by 11,000. State and local governments reduced
employment by 13,000, while the federal government added 2,000 jobs.
New York City, facing a $3.3 billion deficit in next year’s budget, will
cut its workforce by more than 10,000 over the next year-and-a-half, Mayor
Michael Bloomberg’s budget office said Nov. 18. More than 6,200 workers
will be fired, and the remainder of the cuts will be made through attrition,
his office said.
The mayor is founder and majority owner of Bloomberg News parent Bloomberg
LP.
The average work week for all workers held at 34.3 hours.
The so-called underemployment rate -- which includes part- time workers who
’d prefer a full-time position and people who want work but have given up
looking -- held at 17 percent.
Underemployment Rate
The report also showed an increase in the number of long- term unemployed
Americans. The number of people unemployed for 27 weeks or more increased as
a percentage of all jobless, to 41.9 percent, the highest since August.
One reason why hiring isn’t gaining speed is the economy’s inability to
match the recovery’s earlier pace of growth. Gross domestic product
expanded at a 2.5 percent annual rate in the third quarter, half the pace in
the last three months of 2009.
It’ll also take time to make up for the loss of more than 8 million jobs, a
result of the worst recession since the 1930s.
Fed policy makers last month began buying Treasury securities as part of a
plan to pump as much as $600 billion more into the financial system in a bid
to keep interest rates low and spur growth. Chairman Ben S. Bernanke has
been among those saying the recovery has been too slow, keeping unemployment
too high and leading to a deceleration in inflation that raises the risk of
deflation, or sustained and damaging price decreases.
In an effort to reach out to some of the nation’s largest employers,
President Barack Obama met with Wal-Mart Stores Inc. Chief Executive Officer
Mike Duke at the White House on Nov. 29. The meeting is one of a series of
sessions aimed at soliciting the views of companies, with the goal of
spurring the recovery and adding jobs.
To contact the reporter on this story: Timothy R. Homan in Washington at
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