On Friday, the U.S. Bureau of Labor released the November jobs report, displaying an added 263,000 jobs within the month, higher than the 200,000 that was predicted, per Reuters. These numbers, according to President Joe Biden, are a sign that the economy is growing.
Folks, we got another strong jobs report for November.— President Biden (@POTUS) December 2, 2022
263,000 jobs were added last month, and our unemployment remains near record lows. That's big.
This comes after news that inflation is moderating, our economy is growing at a strong pace, gas prices are down, and GDP is up.
Highlights: November’s unemployment rate sat at 3.7%, which was unchanged since October, with the number of unemployed persons sitting at 6 million, per the Bureau of Labor Statistics.
- The employment-population ratio — the number of people over the age of 16 that are in the workforce — stayed the same from October at 59.9%.
- The leisure and hospitality industry added 88,000 jobs in November, and included in that number are 62,000 jobs in food services and drinking places. The Bureau added that this number is less than half of the average rate of 2021 in this industry, which was at 196,000 jobs per month, and below pre-pandemic levels by 5.8%.
- Employment in the health care industry rose by 45,000 jobs, which is well above last year’s average monthly gain of 9,000.
- Government jobs rose by 42,000 in November, and construction jobs increased by 20,000 jobs.
- Information employment grew by 19,000 jobs, and manufacturing employment increased by 14,000 jobs.
Unemployment statistics: The number of people fired from their jobs in November rose by 127,000 to 1.4 million, and the number of people laid off remained mostly the same, at 803,000 people.
- Long-term unemployment — those who have been unemployed for more than 27 weeks — stayed at 1.2 million people last month.
The bigger picture: The New York Times reports that average hourly earnings have risen by 5.1% since 2021 — more than expected — and jobs are growing despite the Federal Reserve’s attempt to curb inflation by reducing hiring.
- Reuters adds that November’s job statistics will likely result in the Fed’s continuation of interest rate hikes.