Guest post from Joe Hoft
Today the US Federal Bureau of Labor Statistics (BLS) announced their estimates for national unemployment and jobs data through November 2018. The US gained another 155,000 jobs and unemployment remains at 3.7% – the lowest rate in half a century (since 1969).
The US BLS announced the November jobs report today –
Total nonfarm payroll employment increased by 155,000 in November, and the unemployment rate remained unchanged at 3.7 percent, the U.S. Bureau of Labor Statistics reported today. Job gains occurred in health care, in manufacturing, and in transportation and warehousing.
In November, the unemployment rate was 3.7 percent for the third month in a row, and the
number of unemployed persons was little changed at 6.0 million. Over the year, the
unemployment rate and the number of unemployed persons declined by 0.4 percentage point
and 641,000, respectively. (See table A-1.)
Among the major worker groups, the unemployment rates for adult men (3.3 percent),
adult women (3.4 percent), teenagers (12.0 percent), Whites (3.4 percent), Blacks
(5.9 percent), Asians (2.7 percent), and Hispanics (4.5 percent) showed little or no
change in November. (See tables A-1, A-2, and A-3.)
The number of long-term unemployed (those jobless for 27 weeks or more) declined by
120,000 to 1.3 million in November. These individuals accounted for 20.8 percent of the
unemployed. (See table A-12.)
Both the labor force participation rate, at 62.9 percent, and the employment-population ratio, at 60.6 percent, were unchanged in November. (See table A-1.)
The last time the unemployment rate was at 3.7% nearly a half century ago in 1969. In 1969 the unemployment rate last reached 3.7% and that was 49 years ago.
After 2017’s record setting year in for the stock market, 2018 can now be referred to as the Trump economy’s year for jobs since we haven’t seen this record low unemployment in a half a century.