Gallup released it’s latest U.S. unemployment report, and according to its analysis, the seasonal unadjusted unemployment rate shot back up to 7.8 percent for the month of November. October’s seasonal unadjusted rate was 7.0 percent. The adjusted unemployment rate went up as well, Gallup measures from their reporting. In the month of November, the adjusted unemployment rate shows to be 8.3 percent, while October’s number was 7.4 percent.
Gallup uses a sample size of 30,000 individuals, 18 years and older, per month for their analysis as opposed to the government’s Bureau of Labor Statistics which uses 60,000 households, with those over the age of 16, for their monthly unemployment report. The government’s unemployment report is seasonally adjusted, while Gallup’s is not.
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.