The Department of Labor released the official unemployment report this morning and the news is not good. The official November 2010 unemployment rate comes in at 9.8 percent, up from 9.6 percent the previous three months.
Overall, 39,000 new nonfarm payroll jobs were added during November 2010. Those 39,000 people are glad to have a new job, but when 15.1 million people are unemployed, 39,000 new jobs is rather insignificant.
Looking back to November 2009, we are at 2.5 million marginally attached workers today compared to 2.3 million last year. Additionally, we now have 1.3 million discouraged workers, up 421,000 from November 2009.
Jobs were added in several sectors including temporary help services (+40,000), health care (+9,000) and mining, which added 6,000 support jobs during the month. Although the holiday shopping season is underway, the retail sector lost jobs. About 9,000 jobs were eliminated at department stores and another 5,000 jobs were lost in furniture and home furnishings.
The bleak unemployment report as well as the prediction for a slow recovery in 2011 is worrisome news for the millions of Americans who are out of work and about to run out of unemployment benefits. The previous extension to unemployment insurance ended on Nov. 30, and there is no legislation in place to extend benefits again.