Unemployment Rises Sharply — Gallup

100279619Even though today's report on new claims for unemployment benefits showed that fewer new claims were made last week, Gallup's unadjusted unemployment rate for November rose to 7.8% from 7.0% in October. Seasonally adjusted, Gallup's November rate rose from 7.4% in October to 8.3% in November.

Tomorrow's "official" unemployment rate report is expected to see a boost in U.S. unemployment from 7.9% in October to 8.0% in November. That report is based on seasonally adjusted numbers.

The sharp increase in Gallup's November unemployment rate could be due to the loss of jobs due to Hurricane Sandy or slower-than-expected holiday season hiring, or some combination of both.

Gallup notes that the unemployment rate among college graduates is just 4%, while among workers aged 50 to 65 the rate is 5.5%, among whites the rate is 6.5% and among men it is 6.6%. The other end of the scale shows unemployment among African-Americans at 12.4%, 18-to-29 year olds at 12%, those with a high school education or less at 11.4% and Hispanics at 10.4%.

Gallup expects tomorrow's report on unemployment to come in higher than October, and notes:

The increase in unemployment in November is a change from the positive momentum seen in recent months. However, it is also possible that October's dramatic improvement was temporary, and November's reading is a continuation of the earlier trend. The trend in future months will be an important indicator of the true momentum of the job climate.

Paul Ausick

Filed under: 24/7 Wall St. Wire, Economy, Jobs, Research
Read Full Story

Want more news like this?

Sign up for Finance Report by AOL and get everything from business news to personal finance tips delivered directly to your inbox daily!

Subscribe to our other newsletters

Emails may offer personalized content or ads. Learn more. You may unsubscribe any time.