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November Job Growth Slowed as Income Fell
Gain Was Smallest Posted in 4 Months
By Nell Henderson and Amy JoyceWashington Post Staff WritersSaturday, December 4, 2004; Page E01
U.S. job growth slowed sharply last month, and many workers' incomes fell, as automakers, airlines and retailers trimmed their payrolls, reducing consumers' buying power just as the holiday season was beginning.
Employers added 112,000 jobs in November, the smallest gain in four months, and below the roughly 150,000 per month that economists think are needed to keep up with population growth, the Labor Department reported yesterday. The department also shaved 54,000 jobs off its previous estimates of October and September gains in non-farm payrolls.



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The unemployment rate slipped to 5.4 percent from 5.5 percent, which the department called "about unchanged," noting that it has been at either of those two levels every month since July.