**MNI 5 THINGS: US November Payrolls +155k; Unemp Rate 3.7%>

--5 Things We Learned From The November Employment Data

By Kevin Kastner, Shikha Dave, and Harrison Clarke

     WASHINGTON (MNI) - The following are the key points from the 

November employment report released by the Bureau of Labor Statistics 

Friday: 

     - The employment data were generally soft and will give the FOMC 

something to think about at their upcoming meeting. Payrolls growth was 

slower than expected with a 155,000 gain following a downward revision 

to October, while the unemployment rate held steady at 3.7% and hourly 

earnings rose only 0.2% after a downward revised 0.1% gain in October. 

Average hours dipped slightly to 34.4 hours. 

     - The nonfarm payrolls gain was well below the 190,000 gain 

expected. The whisper number was for a 215,000 gain, so an even larger 

downside surprise. Likewise, private payrolls rose only 161,000, 

compared with a 190,000 gain expected. 

     - Payrolls in September and October were revised lower by a net 

12,000. September payrolls were revised up by 1,000 to 237,000, but 

October payrolls were revised down by 13,000 to 237,000. Within November 

payrolls, there were solid gains for health care (+40k), professional 

services (+32k), manufacturing (+27k), and retail (+18k after two 

declines. However, construction jobs rose only 5,000 and information 

jobs posted a decline of 8,000. 

     - The unemployment rate held steady, while the participation rate 

stayed at 62.9%. The unrounded unemployment rate was 3.671%, down from 

3.735% in October. The rates for men over 20 declined, while it held 

steady for women over 20. Household employment was up 233,000, while the 

unemployed level fell by 100,000, so the labor force rose by 144,000. 

The alternate U-6 Rate rose to 7.6% from 7.4% in October.     

     - Hourly earnings were up 0.2% in the month (+0.220% unrounded), vs 

+0.3% expected after a downward revised 0.1% (+0.147%) gain in October. 

The year/year rate held steady at 3.1%. The average workweek fell to 

34.4 hours from 34.5 hours in October 

     ** MNI Washington Bureau: 202-371-2121 ** 

[TOPICS: MAUDS$,M$U$$$,MAUDR$]