November employment

Good news on employment for November. BLS is reporting this morning that nonfarm payroll employment grew by 120,000 and the employment rate dropped to 8.6%. In addition, data for both September and October were revised upwards (to gains of 210,000 and 100,000 respectively), showing a stronger economy that previously thought. The November job number was about what economists had predicted. The drop in the unemployment rate was a surprise however. The size of the drop is in part due to a decrease in the size of the civilian labor force.
The other good news is that the total number of workers part-time for economic reasons, the number of workers part-time because of slack work and the number of workers who could only find part-time work all continued to decline.
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