Explaining Southern California's economy

CHART: November job report: US adds 146,000 jobs, unemployment rate falls to 7.7 percent

Job Fair Held In New York

John Moore/Getty Images

A student registers at the Barnard College Career Fair in New York City. TKTKTK

The U.S. added 146,000 jobs in November and the unemployment rate fell to 7.7 percent from 7.9 percent, the Labor Department reported on Friday.

There was concern going into the November report that Superstorm Sandy would have an effect on the jobs situation and the ability of the government to accurately gauge employment for the month, but the Bureau of Labor Statistics, which complies the data, says that it didn't: "Our analysis suggests that Hurricane Sandy did not substantively impact the national employment and unemployment estimates for November."

Given that concern, the fact that the economy added 146,000 new jobs in November is good news. However, it's important to remember that coming out of a recession as severe as the financial crisis, and with 12 million Americans unemployed and 4.8 million defined a "long-term unemployed," we need to see 300-400,000 new jobs added each month to be in a truly robust recovery.

Read More...