Non-Farm Payroll Report – Reality

The survey sez!

Total nonfarm payroll employment increased by 211,000 in November, and the unemployment rate was unchanged at 5.0 percent, the U.S. Bureau of Labor Statistics reported today. Job gains occurred in construction, professional and technical services, and health care. Mining and information lost jobs.

The unemployment rate was unch at 5.0%.

Let’s look inside the data tables.

Meh.  But when adjusted for population increase…

We’re in decline.

As for the employment rate and labor/population ratio….

Nothing here of note.  The labor/population rate flat-lined this month and so did the official unemployment rate.

The internals, however, continue a troubling trend.  First, men 16 and over suffered a 0.4% loss in employment-population ratio while women gained four tenths and neither change was concentrated in teens.

In fact, among teens he employment population ratio lost three tenths — that is, teens got fired.

Black adult men got hammered particularly badly, losing 0.6% in employment:population ratio.  Black adult women on the other hand gained 0.4%.

But the outstanding winner was the Asian, who gained a stunning 0.9% and teen Hispanics who gained an unbelievable 1.8%.

The trend continues in the educational realm; your bachelors was worth nothing in terms of better risk of being employed, while those with less than a high school degree gained 1.2% and those with an associates or some college experience added 0.2%.  High school grads actually lost (-0.4%).

The jobs being added have been and are, on-balance, “McJobs.”

Finally, government added 473,000 jobs last month (!) while private enterprise lost 309,000.

“Strong” growth?  Uh huh…..

The Market-Ticker