The economy added 171,000 new jobs, last month's numbers were revised up and even the uptick in the unemployment rate ticked higher but the labor participation rate also climbed.
While Gluskin Sheff's David Rosenberg thinks there was "more treat than trick" in today's report, he did see some ugly details as well.
Specifically, average weekly hours were down and so were wages earned.
Average weekly hours for production and non-supervisory workers declined 0.3 percent to 33.6 hours and weekly hours in manufacturing fell 0.3 percent to 40.5 hours.
The index of aggregate weekly hours only rose 0.1 percent for private sector workers and fell 0.1 percent for those in the production and nonsupervisory segment.
Gluskin Sheff
"That has a certain deflationary feel to it and the price of labor should hardly be contracting if the jobs market is in fact returning to normal in any meaningful way," according to Rosenberg. "And remember we also saw in this week's Q3 productivity report that real compensation per hour fell 0.4 percent SAAR – not great news for the working class."
at http://www.businessinsider.com/rosenberg-jobs-report-2012-11#ixzz2B6BwRTGC
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