Revisions in the November report raised the number of previously calculated new jobs in September from 256,000 to 271,000 and in October from 214,000 to 243,000. The bureau now says there are 1.54 million more jobs than there were at the pre-recession peak. More than 10 million new jobs have been created since the employment low point in February 2010.
The November headline unemployment rate, called U3 in BLS jargon, remained unchanged at 5.8 percent, the lowest since July 2008. U6—a BLS measure of unemployment and underemployment that includes people with no job at all, part-time workers who want full-time jobs but can't find one and many "discouraged" workers—fell 0.1 percent to 11.4 percent in November, having fallen 0.3 percent in October.
It's always good to remember the BLS caveat that "the monthly change in total nonfarm employment from the establishment survey is on the order of plus or minus 90,000." That means the "real" number of new jobs created in November wasn't 321,000, but, BLS statisticians calculate, somewhere in a band between 231,000 and 411,000. This is one of the reasons revisions in the two months following each report can be quite large.
By the bureau's count, 9.1 million people were officially out of work in November. This tally does not include the millions of workers who have left the workforce because they have given up on finding a job.
The employment-population ratio remained unchanged at 59.2 percent, the best it's been since July 2009. The labor force participation rate also remained unchanged at 62.8 percent. Only once in the past 36 years has the percentage been lower than that, which was in September this year. It peaked at 67.2 percent in April 2000. The civilian labor force increased by 119,000 after increasing by 416,000 in October.
In its totals for the month, the BLS doesn't distinguish between full-time and part-time jobs. Most recent hiring has been for full time jobs but only about one-third of those are high-wage positions. Middle-wage positions are still lagging. What that means is that, on average, people fortunate enough to take new jobs have found that they pay less than the ones lost in the Great Recession.
People counted as "part time for economic reasons" in November remained unchanged at 6.9 million. These workers want full-time jobs but have only been able to find part-time positions or have had their full-time hours reduced.