The November unemployment report released today shows the rate edged up to 9.8% breaking a three month trend of 9.6%. Clearly we are going in the wrong direction as job seekers become more discouraged and angry as our economy attempts to rebound from the severest recession since the Great Depression in
Former Federal Reserve Chief, Alan Greenspan, commented today that we felt that our economy was going nowhere and that a recovery would take a very long time, if we do recover. That's pretty scary words from a man that guided the financial markets for many years and to whom many still respect. Though I don't agree with all of what Greenspan says his words make me very nervous, yet the elevated unemployment figure didn't bring down the stock market today by much. I still don't understand why.
Here are some facts: The number of unemployed persons in November in this country was 15.1 million. Among the worker groups the unemployment rates for adult men was 10 %, adult women 8.4%, Whites 8.9%, Hispanics were at 13.2%, all of which were higher than last month. The Blacks represented 16% unemployment which was unchanged. The jobless rate for Asians was 7.6% and the rate for teenagers declined to 24.6%.
The number for long term unemployed which is defined by being jobless for 27-weeks or more accounted for 41.9% of the unemployment figure which means that over 40% of the job seekers were unable to find work in 6 months. The number of persons employed part time for economic reasons, involuntary part-time workers, remained at 9 million. About 2.5 million person are marginally attached to the labor force went up to 2.5 million, adding another 200,000 workers that are available for work and had looked for a job in the prior 12 months and are not counted as unemployed.
The areas that fared the best for jobs were temporary workers which increased by 40,000, since last month and 494,000 since September, healthcare which continues to thrive and added on 8,000 jobs at mostly hospital and lasting, my favorite, mining which at 6.000 jobs in November. Mining seems to have replaced our construction job growth.
Mining, healthcare and temporary worker jobs are the only upbeat news in the November unemployment report. This is going to be a difficult holiday season for many.