What Exactly Did Friday's Jobs Report Say?
December 8, 2014
Many cheered Friday's jobs report, which showed unemployment remaining at 5.8 percent while the country added 321,000 jobs. But Jeff Cox at CNBC says there is more to the report than those two numbers:
- Looking at the household survey, there were actually just 4,000 more Americans working this month than last. The labor force grew by 119,000 but 115,000 Americans sought unemployment.
- The labor force participation rate is close to a 36-year low.
- Of the jobs that were created, they were largely low-quality positions. The country saw 150,000 fewer full-time jobs and 77,000 more part-time jobs.
Forbes notes, however, that average hourly earnings rose by 9 cents last month, the largest growth in wages seen since June 2013.
Source: Jeff Cox, "Hold on: Jobs report wasn't so great after all," CNBC, December 5, 2014.
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