Courtesy of Mish.
Initial Reaction
Today’s employment report shows an increase of 178,000 jobs.
The employment change for October was revised down from +161,000 to +142,000, and the change for September was revised up from +191,000 to +208,000. Including revisions, job growth has averaged 176,000 over the past 3 months.
The household survey shows a gain in employment of 160,000 vs. a loss in employment last month of 43,000.
The labor force declined by 226,000 sending the unemployment rate downward. Those “not” in the labor force increased by 446,000 this month and 425,000 last month.
The two-month increase of those “not” in the labor force rose by 871,000.
If everyone dropped out of the labor force except those employed, the unemployment rate would be zero. https://t.co/9lEfh6R0aZ
— Mike Mish Shedlock (@MishGEA) December 2, 2016
Let’s dive into the details in the BLS Employment Situation Summary, unofficially called the Jobs Report.
BLS Jobs Statistics at a Glance


