Free Markets, Free People
Economic Statistics for 7 Dec 12
The following US economic statistics were announced today:
The Monster Employment index rose 2 points to 158 in November.
The Reuter’s/University of Michigan’s consumer sentiment index a very steep 8.2 points to 74.5.
Nonfarm payroll employment in November increased by a lackluster 146,000 new jobs. Average hourly earnings increased by 0.2%. The average workweek was unchanged at 34.4 hours. Turning to the household survey, the unemployment rate fell to 7.7%, as 350,000 workers left the labor force, bringing the labor force participation rate back down to 63.6. At the historical rate of labor participation, the unemployment rate would actually have jumped by 0.2% to 11.4%. In all, the labor market remains moribund, as job creation remains weak and labor force participation remains at historic lows.