The rise of the unemployment rate in November continues a bleak trend ”“ 19 months in which the unemployment rate has not dipped below 9 percent.
There were hopes that November might mark a turnaround in the employment market. Instead, unemployment rose to 9.8 percent, a discouraging tally that does not even count the millions who have given up looking for work. This measure of economic distress should be enough incentive for Congress to agree on a deal to extend unemployment insurance.
The United States added only 39,000 jobs in November, compared to 172,000 in October. The number of unemployed actively looking for work amounts to 6.3 million. Even a boom in hiring would be slow to clear the unemployment rolls.
November’s numbers reinforce the forecast that recovery of the job market will be slow. In general, employers are wringing workers for every bit of productivity, and have little incentive to hire in significant numbers. Retailers have added staff for the Christmas season, but on a seasonally adjusted basis, retail hiring is down. The sector showing the biggest gain is temporary help.
Faint hope glimmers from one Department of Labor statistic, comparing total job openings with the total number of unemployed. This rate improved in October: Instead of one job for every five job seekers, there is now one job for every four.
This still means that there are no jobs for three out of every four unemployed workers. Under the circumstances, an agreement to extend federal unemployment assistance is a lifeline that deserves support ”“ especially among Democrats in Congress.
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