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Unemployment holds steady

2/20/2018

Total nonfarm payroll employment increased by 228,000 in November, and the unemployment rate was unchanged at 4.1%, according to the latest jobs report from the U.S. Bureau of Labor Statistics.


Within construction, employment among specialty trade contractors increased by 23,000 in November and by 132,000 over the year. 


Another area of growth was retail industry employment. Jobs in the sector increased by an unusually high 12,900 jobs in November over October, the National Retail Federation said. The number excludes automobile dealers, gasoline stations and restaurants.


Overall, the economy added 228,000 jobs, the Labor Department said.



“This was one of the strongest gains we’ve seen all year,” NRF Chief Economist Jack Kleinhenz said. “You expect employment to be up during the holiday season and retailers are expecting strong holiday sales with related job growth, but overall growth in the economy has to be recognized here as well. We’re also seeing new jobs in other sectors of the economy, particularly industrial, and that means more demand for retail goods and a need for more retail workers.”



The November increase compares with a monthly loss of 10,300 jobs in October, although that figure came after a monthly increase of 10,600 jobs in September. The three-month moving average in November showed an increase of 4,400 jobs.


The employment-population ratio, at 60.1%, changed little in November and has shown little movement, on net, since early this year.


See the full report here.


 


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