Employment Rebounds from Bad October
The Bureau of Labor Statistics for November employment shows an increase of 227,000 jobs and a steady unemployment rate at 4.2 percent. The news within the news is that real wages are up 0.4 for the month and 4 percent compared with the same month last year.
The increases in employment came from health care, leisure and hospitality, government, and social assistance. Retail trade lost jobs, but is certain to rebound for the season.
November was a rebound from a poor jobs report in October, with a gain of only 12,000 jobs, hampered significantly by gulf coast storms.
The labor force participation rate, which is a measure of those who are working or seeking work among the eligible population, is at 62.5 percent, only slightly changed from the previous month and within the narrow trend between 62.5 percent to 62.7 percent since December 2023.
Payroll employment has increased by an average of 186,000 per month During the 12 months prior to November.
Health care added about 54,000 jobs in November, in line with the average monthly gain of 59,000 during the last year. In November, ambulatory health care services added 22,000 jobs, led by a gain of 16,000 in home health care services. Employment also increased in hospitals with better than 19,000 and nursing and residential care facilities with more than 12,000 jobs.
Employment in leisure and hospitality trended up in November with 53,000 more jobs.
In November, government employment continued to trend up by 33,000, in line with the average monthly gain over the prior 12 months. Over the month, employment continued to trend up in state government, with an increase of more than 20,000.
Employment increased by 32,000 in transportation equipment manufacturing in November, reflecting the return of workers who were on strike. Employment in social assistance edged up by 19,000 in November, similar to the average monthly gain of 18,000 over the prior 12 months. Over the month, individual and family services added 17,000 jobs.
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