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Just a little while ago we got -- -- November jobs report in the unemployment rate fell to the lowest level in two and a half years for the month of November as employers added 120000.
Jobs last month.
For more let's go over -- Fox Business is Peter Barnes is live at the Labor Department Peter what else -- we see in this report.
While we did -- Significant revisions upward for September and October.
Diana a net gain of 72000 jobs that were not previously reported that eight point 6% unemployment rate the driven in part by the decline in the labor force of more than 300000 people.
Left the labor force according to the Labor Department but I think it also reported that there was an increase in the number of people who told Labor Department that they were working that rose by 278000.
Enumerate -- and denominator change there -- that helped drive down the unemployment rate to 28 point 6% now it gonna talk about sectors that added jobs last month retail added 50000 of course for the holiday seasons of starting up a strong in November professional and business services up 33000 education and health.
Leisure and hospitality added 32022000.
Rather with a big jump in the number of people working in that food.
Food service sectors losing jobs construction.
Nondurable goods manufacturing down 8000 and government.
I shed what 20000 jobs most of that and state and local government but.
The Postal Service.
Lost 5000 jobs than.
All right -- -- bring in.
Ray -- now director of business news here at Fox Business -- the big number that six out here is eight point six unemployment that seems to be what everyone's focusing on.
But of course the fact that a large contributor to that is the people that had just given up.
Losing for work has to be a big factor to take into account -- you make of that.
Yeah I mean it's actually kind of very disconcerting when you stop and think about it that you at this point you still have people leaving the workforce you know -- we're.
We have had several months for you've seen job gains we have had several months and even with these revisions we had several months but the revisions are not only have we had gains.
But the gains have been more than we aired originally thought so and so that's the good news see you should have people getting a little more confident the trouble is.
That you still have people who were deciding that that they need to drop out altogether and and in order to be counted yet to be looking for work so.
You know -- it if it troubling sign for the economy I think people are gonna start -- high fives -- -- point six unemployment rate you have to do the math to figure out how we got it got there.
Before you make a value judgment on it and and the things that are that are factors that are going into.
That rate going down -- not good they're actually they're actually pretty troubling so.
I I think when you when you put that together with the fact that it was a slight miss on on the the top -- number offer for jobs that are created.
All in all it's not a very great report despite what the futures knee jerk reaction was that.
And -- how much.
Whatever you look at something -- you know I wouldn't call it a concern Diane because it look.
Yes you're gonna see some some seasonal employment yesterday -- at some people ramp Bob we've we saw that that's contributed to -- the ADP report and and some of those -- drop in the weekly claims that would that we've seen of late.
But at the same time you need to see those every year those are sometimes the first jobs to go people decide that they're not gonna ramp up hiring for the holidays so.
It's good it's good to see that I I wouldn't I wouldn't say that that that's necessarily a bad thing in that were being carried -- that.
But look I I think you see slight job growth in the US based on the numbers that we've seen this month than in previous months.
That's obviously better than seen job destruction but it's nowhere near what we need.
To sustain economic recovery telling you what we need to help things like the housing markets nowhere near what we need to help things like consumer spending.
So you know it's it's slow and steady but whether or not we're we're making gains or swimming against the tide remains to be seen.
And so -- do you think it is that sort of that.
Confusion over the unemployment rate that has markets basically steady -- we didn't really see very much of a spike it all after the.
We didn't an entity and as you've been reporting all morning Diane a lot of a lot of the gains in the futures have come because of the optimism over Europe is going to be critical seven day period for the future of the Euro zone and and the European community and and the Euro as a currency.
I think it what we heard from Sarkozy and Merkel overnight of the last two days has as at least European markets higher had our markets higher.
Which is why I don't think that they necessarily blame this was close enough to the consensus number.
That it did make you change one way -- the other I think it's people digest this they're not gonna take it necessarily -- -- all that positive sign.
Alright ray Hennessey director of -- Business news rather -- about this is our.
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