U.S. Added 146,000 Jobs; Jobless Rate Fell to 7.7%
By NELSON D. SCHWARTZ
NY Times

The government said Friday that employment growth was much better than
expected in November, with the United States economy adding 146,000 jobs
and the unemployment rate falling to 7.7 percent.

The jobless rate was the lowest since December 2008. Economists had
estimated the Labor Department would report that only 86,000 jobs were
created in November and that the rate of unemployment would remain flat
at 7.9 percent.

The strength of the numbers was all the more notable because many
experts expected a muted jobs performance because of the impact of
Hurricane Sandy, which hit the East Coast on Oct. 31.

The Labor Department revised its job growth figures for October and
September downward.

Still, November’s net growth in payrolls was below the average of
170,000 new jobs added monthly over the course of August, September and
October.

“The labor market is very much in the recovery stage,” said Ethan
Harris, co-head of global economics at Bank of America Merrill Lynch,
before the announcement. However, he added, “It’s a long way from full
health with workers having little negotiating power when it comes to
raises.”

Average hourly earnings in November rose 0.2 percent, the report showed.

Manufacturing jobs fell by 7,000. Economists have been closely watching
the sector amid weak demand from Europe and signs that businesses in the
United States are holding off on spending ahead of the fiscal impasse in
Washington.

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Pretty soon the economy will improve to the point where Scotty will be
able to get a job emptying the outdoor trash cans at McDonald's.