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November jobs report: U.S. economy adds 210,000 jobs, unemployment falls to 4.2%

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Yahoo Finance's Jessica Smith joins the Live show hosts to review the latest data from the November jobs report,

Video transcript

JULIE HYMAN: So it's time for that jobs report and we're getting those numbers right now. We're going to toss it to Jess Smith in Washington.

JESSICA SMITH: Yeah, Julie still loading here waiting for these to actually cross. Live TV, guys.

JULIE HYMAN: We've got a big miss, Jess. We've got a big miss.

[INTERPOSING VOICES]

210,000 is where we're coming in. 210 so much weaker than estimated here with this number, Jess. Really, pretty shocking number.

JESSICA SMITH: Yeah non-form payrolls rose by $210,000 in November. The unemployment rate fell to 4.2%. So the unemployment rate there lower than the expectations of 4.5%. The Labor Department notes that there were gains in professional and business services, transportation and warehousing, construction and manufacturing, employment and retail fell over the month.

Looking at the number of permanent job losses that declined by 205 to $1.9 million. The number of people on temporary layoffs fell to 801,000 in November. The labor force participation rate edged up to 61.8% in November. We also want to look at the number of people employed part time for economic reasons, that's at 4.3 million.

And then we want to find wage growth here. Average hourly earnings. Let's see, they increase by 8%.

JULIE HYMAN: 4.8% is what I'm seeing.

JESSICA SMITH: Yep. Yep, that's exactly. 8-- up $0.08 to 31.03.

And then we did have some revisions number for September revised up by 67,000. The number for October revised up by 15,000. But again, 210,000 jobs added way below expectations. Unemployment rate at 4.2.

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