The overall employment picture for November looks quite bleak with the weak growth in jobs and the reported drop in labor force participation. However, it is likely that the latter was simply an erratic fluctuation in the data. The establishment survey is by far the more reliable measure compared with the household survey. Over the last three months, overall job growth has averaged 143,000. It takes roughly 90,000 jobs to keep even with the growth of the labor force. At this rate, it will take close to 200 months, or 16 years, to make up for the 10-million-job deficit in the economy.
For more, check out the latest Jobs Byte.