HARRISBURG, PA — With the release of delayed national job numbers for October and December, Keystone Research Center economist Maisum Murtaza released the following statement:
“The Bureau of Labor Statistics (BLS) released its national employment report for October and November this morning after an unusual delay. The BLS release was relatively brief and emphasized selected comparison months that suggest limited change in November employment and in the unemployment rate since September. By contrast, the Economic Policy Institute’s more balanced presentation highlights that, over the past two months and since the beginning of the year, key indicators – including unemployment, job growth, and wage trends – have generally moved in the wrong direction.
The unemployment rate now stands at 4.6%, up from 4.0% in January.
The number of U.S. nonfarm jobs fell in three of the last six months and averaged only a 17,000 increase over the last six months.
“Another takeaway from today’s jobs release is a gradual cooling in nominal wage growth. As unemployment ticks up, job seekers can face a tougher labor market, and workers may have less bargaining power to demand higher wages. Together, these trends can put additional pressure on household budgets and make it harder for workers and working families to keep up with rising costs. (For a figure on wages, see the EPI analysis here.)
“It’s also important to note ongoing disparities in the labor market. With the caveat that month-to-month estimates for smaller demographic groups can fluctuate due to smaller sample sizes, the unemployment rate for Black workers climbed to 8.3% in November, up from 6.0% in May.”