The job force statistics released by the Bureau of Labor Statistics on Friday show a trend from skilled to unskilled jobs. So far the decline of the dollar has not affected manufacturing employment which continued its steady decline as shown in the following graph:
The overall unemployment rate declined from 10.2% in October to 10.0% in November as shown in the following graph:
Overall, non-farm payroll employment went down by 11,000 in November. The 68,000 jobs that were lost in manufacturing and construction were almost compensated for by the 58,000 jobs gained in the service sector. Essentially, skilled workers who were losing jobs in the manufacturing and construction sectors were taking unskilled jobs in the service sector.
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