Economy Posts Solid Job Gains in November

The country's businesses added 215,000 jobs in November, according to a report released this morning by the Labor Department. This increase is more than the average monthy gains for the first eight months of 2005 (196,000) and follows two months of disappointingly low gains following the hurricanes along the Gulf Coast. But it was recovery from those very same hurricanes that drove much of the increase in jobs in November, with construction employment adding 37,000 jobs and leisure and hospitality jobs jumping 29,000 - possibly showing a return of workers to the tourism industry in New Orleans. The Labor Department also included specific information about workers who evacuated from the Gulf Coast because of Katrina and their prospects of finding work in the aftermath. Out of an estimated 886,000 who evacuated, 442,000 have returned. The overall unemployment rate for evacuees is 20.7 percent. The unemployment rate among people who had not returned home was far greater, 27.8 percent, than among those who had come back, 12.5 percent. The overall unemployment rate held steady at 5.0 percent, and most breakouts of the rate were the same as previous months with the exception of unemployment for blacks, which jumped from 9.1 percent to 10.6. The 1.5 percent jump is the largest in the history of the household survey done by the Bureau of Labor Statistics, according to the Economic Policy Institute.
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