Unemployment rate dips to 7% in November

December 06, 2013

Unemployment rate dips to 7% in November

The nation's unemployment rate decreased to 7 percent in November following the fourth straight month of solid hiring, making this the best report of the year, according to NAFCU Chief Economist and Director of Research David Carrier.

"This was a very solid employment report, the best we've seen all year," Carrier said in a NAFCU Macro Data Flash report. "The unemployment rate dropped to 7 percent even as 455,000 workers re-entered the labor force – normally this would drive up the unemployment rate."

Carrier cited data from the Bureau of Labor Statistics that showed job gains were finally at a pace that will bring about further declines in the unemployment rate – if they can be sustained. October's unemployment rate was 7.3 percent.

According to the November data:

non-farm payrolls rose by 203,000;
total private-sector payroll employment increased by 196,000 jobs;
the service sector added 152,000 jobs;
the goods-producing sector added 44,000 jobs;
total government added 7,000 jobs;
the education and health services sector saw an increase of 40,000 jobs; and
the retail trade services sector added 22,300 jobs.

"The government shutdown had little effect on private sector hiring, and payrolls showed strong gains across several employment sectors," Carrier said. "All this will have a big influence in the Federal Reserve's deliberations about when to begin tapering its asset purchases."

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