With today being the first Friday of December our viewers know this means one thing – it is time for our dynamic duo, Jared Bernstein and Peter Morici, to come on the show and discuss Job Reports Friday. This morning the Bureau of Labor Statistics released their November jobs reports, which much to the shock of the forecasters who predicted Hurricane Sandy would have a significant impact on the numbers, it did not. The unemployment rate dropped to 7.7%, a four year low, and the economy added 146,000 jobs in November. Unfortunately, a major driver behind the lower rate is that more workers are giving up their job search.
The job market has been consistent with adding an average of 157,000 jobs a month, which is on pace to a growing labor force, but still slow enough where it could take years to bring the unemployment rate down to a healthy 5 or 6 percent.
While long term unemployment is basically unchanged, four-year college graduates over the age of 25 saw an unemployment rate of just 4%, which is basically full employment. So does this mean we are headed in the right direction? Be sure to tune in at 3 p.m. to see what our economic duo has to say about the Bureau of Labor Statistics findings.