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Economy Adds 146,000 Jobs in November

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  • Description

    FBN’s Peter Barnes breaks down the latest report from the Labor Department.

  • Duration 3:48
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George seven point 7% was the unemployment rate in November the lowest level since December 2008.

Nonfarm payrolls increased a 146000.

Well above expectations.

Of 90000 economists had been expecting.

Last job creation last month as you mentioned because of hurricane sandy.

But the Labor Department says that the survey response rates they got from businesses and individuals.

At home.

Were fairly normal -- -- end quote a normal ranges quote.

Our analysis suggests that sandy did not substantially impact the numbers for November -- Check that out as very interesting everybody suggested that sandy would have a significant impact but the Labor Department itself is saying no it did not is that correct via.

That's correct and it's because of the way the Labor Department.

Retrieves and asks businesses and people about their employment for example if you work for one hour during -- week.

-- and there's a storm you're still counted as employed for you not to be counted as employed.

You can -- know hours and get no pay.

During the particular survey week -- OK Peter you've had chance to go through the whole report any other headlines standout action.

Well -- we're substantial revisions in September and October 50000.

Fewer jobs created in those two months than had previously.

Been expected and the Labor Department does say that we should get a better read of any possible impact of sandy on individual states and regions when they release other numbers other reports on those and two weeks from now.

Fire pit -- on secular much and -- dollar weakness because it is a surprise seven point 7% as the unemployment rate 146000.

New jobs created last month.

I'm joined now -- my colleague Charles Payne Charles this is a surprise.

What does -- tell you about the underlying strength or otherwise of this economy.

We have an economy that continues to sort of bump along on the positive side sort of like on a positive side but 146000.

We put it in the proper perspective that that's -- now with the street was looking for today.

Particularly with -- -- -- but overall -- general recoveries were still significantly lower.

And we typically would be -- at that you are you are you saying -- week amid a 146000.

New jobs in one month is that a sign of weakness.

It's a -- of mediocrity it's a sign of just barely getting by its assigned that we are nowhere near ultimate potential and by the way.

I do also wonder about the summer I'm gonna dig in their partial later but seven point 7% with a 146000.

It could even suggest that people are still leaving the jobs market excuse that numbered I don't vote on a.

That's what we're gonna look for the labour participation rights and the dropout rates did the labour force actually shrink allowing the unemployment rate to come down to seven point seven.

Now one last question.

We gonna get tax increases come January the furthest.

What will -- due to the economy that's producing a 146000.

Jobs a month.

It will challenges economy is they point it was challenges economy to keep -- head above water this is this is not the kind of economy that can handle.

A shock to the system and believe in those tax hikes are gonna be a shock forget the fiscal -- stuff.

What we notes coming already.

Will be a shock to the system dual layer that with even more draconian tax hikes more regulations.

In this -- business and I've been saying.

And all right so -- not going to be that great.

You you -- surprise just like I did -- -- seven point some percent number came in but we've got to find out did the labor force shrink backs the key to understanding what -- lot of Obama did in the last two weeks that headline is look good when you didn't need -- surface it's been pretty disappointing.

Let me conclude.

That we have -- seven point 7% of the unemployment rate in November up a 146000.

Jobs created that's --

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