83,000 jobs were created in total in October and November.
An average of 41,500 per month.
This is far lower the number of jobs that are required to be created just to keep up with population growth, which is 150,000 to 180,000 a month.
664,000 people dropped out of the civilian labor force (they either retired or gave up looking for work, because no decent jobs are out there).
The number of people over 16 years of age grew by 399,000.
The labor participation rate (those in work or looking for work) further declined from 63.2% to 63.0%.
It got even harder to find a job in America in the last 2 months.
The headline "unemployment" number declined from 7.2% to 7.0%. But this merely records the number of people that are currently claiming unemployment benefits or have actively looked for a job in the last 4 weeks, NOT the number of people that are unemployed.
All of the following numbers are taken from the Household survey - not the numbers used in the headlines which come from the Establishment survey.
The Establishment survey disagrees with all the other data available and consistently overstates job creation by between 80,000 and 100,000 per month.
The Data for the Last Year
Taking the period for December 2012 to November 2013 :-
1.1 million more people have a job.
This is a monthly job creation rate of 92,400.
The media are erroneously reporting that average monthly job creation is 195,000 for the past year, or more than double the actual rate.
The number of new jobs required to keep pace with population growth is between 150,000 and 180,000 per month.
The number of people over 16 has increased by 2.4 million in the last year (or an average of 200,000 per month).
While the number of people that are claiming unemployment benefits has declined from 7.8% to 7.0%,
the labor participation rate has seen a significant decline from 63.6% to 63.0%.
U6 unemployment which includes people forced to work part time is 13%.
The unemployment overhang is actually over 23% - this includes people who would go back into the labor force if there were well paying jobs available (which there aren't - most of the jobs being created are in low wage sectors such as retail, almost no well paying jobs are being created).
No nation is going to prosper when the percentage of it's people that have jobs continues to show a relentless decline.
References
All the above numbers are taken from the November BLS Household Survey
http://www.bls.gov/news.release/empsit.a.htm
The government (and then the media) use the data in the erroneous Establishment survey (it makes them look far better than they actually are).
http://www.bls.gov/news.release/empsit.b.htm
Update 12/16
Of the 1.1 million additional people that now have jobs since December 2012, 373,000 of them are over 65 (mostly because they cannot now afford to retire).
34% of the total.
The number of additional working age people aged 16 to 64 with jobs is only 727,000 or 60,000 per month.
This is far less than that required to keep up with population growth.
http://data.bls.gov/timeseries/LNU02000097
Real Unemployment + Underemployment is now over 23% and slowly rising.
This number needs to substantially decrease (by about 10%) before we see any real improvement in the U.S. labor market.
This is unlikely to ever happen, given current government and Federal Reserve policy.
Update 12/21
What happens when the pace of new business starts up slows down?
http://www.npr.org/2013/10/31/241842739/what-happens-when-the-pace-of-startups-slows-down
You get dire jobs numbers - see above.
The BLS Birth/Death model is over estimating job creation by new business start ups.
The number of new businesses being started and the average number of people employed in those new business are both declining.
http://ian56.blogspot.com/2013/05/business-start-ups-bls-birthdeath-model.html
Over statements in the BLS Birth/Death model are responsible for some of the over statement for job creation in the Establishment survey (it does not affect the Household survey).
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