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The Numbers*:

• The U.S. economy added 199,000 jobs in November.
  • Job additions came in above the Dow Jones estimate of +190,000 and nearly 50,000 jobs higher than October’s gain of 150,000.
• The unemployment rate fell from 3.9% to 3.7%.
  • The duration of unemployment fell sharply, dropping to an average of 19.4 weeks, the lowest since February.
• Average hourly earnings gained 0.4%, up 4.0% year-on-year.
  • Though wage growth is a key inflation indicator, inflation slowed to a 3.1% annual rate in November, down from 3.2% in October and far below the June 2022 pandemic-era peak of 9.1%.
• The number of job openings decreased to 8.7 million, down 617,000.
  • Job openings decreased in health care and social assistance (-236,000), finance and insurance (-168,000), and real estate and rental and leasing (-49,000).
  • Job openings increased in information (+39,000).
• The number of hires and total separations remained at 5.9M (3.7%). Total separations changed slightly at 5.6M (3.6%) for the fifth month.
  • There was little change within the separations, quits (3.6M) and layoffs and discharges (1.6M).
  • The number of hires decreased in accommodation and food service (-110,000).
  • The number of total separations increased in professional and business services (+121,000).
• The labor force participation rate changed little at 62.8%, remaining essentially flat since August.
• Average weekly hours worked rose 0.1 hour back to 34.4.
• The number of jobs added in October remained at 150,000.
  • The number of jobs added in September was further reduced by 35,000 from +297,000 to +262,000.

Industry Trends:

• Health care significantly increased again, adding 77,000 jobs in November.
  • Ambulatory care continued to trend up (+36,000), with hospitals (+24,000) and nursing and residential care facilities (+17,000) also having solid gains.
• Government added 49,000 jobs, with the largest gains in local government (+32,000).
• Manufacturing increased by 28,000 due to 30,000 in motor vehicles and parts returning from the strike.
• Leisure and hospitality added 40,000, almost entirely in food services and drinking businesses.
• Information added jobs this month (+10,000), as did the motion picture and sound recording industries (+17,000) via their strike ending.
• Retail saw the most substantial losses in November, with a 38,000 job decrease.

Interesting Facts:

The strong labor market helped the U.S. avoid a 2023 recession. Inflation fell to 3.1% in November, and continued stabilization may lead to a soft landing – inflation reaching the Fed’s 2% goal without a full recession – in 2024.

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* Above represents November 2023 Data

Sources:

• https://www.bls.gov/news.release/jolts.nr0.htm
• https://www.bls.gov/news.release/pdf/empsit.pdf
• https://www.cnbc.com/2023/12/12/heres-the-inflation-breakdown-for-november-2023-in-one-chart.html
• https://www.cnbc.com/2023/12/08/jobs-report-november-2023-us-payrolls-rose-199000-in-november-unemployment-rate-falls-to-3point7percent.html
• https://www.federalreserve.gov/monetarypolicy/beigebook202311.htm
• https://www.forbes.com/sites/bill_stone/2023/12/10/solid-jobs-report-was-just-right-for-markets/
• https://www.foxbusiness.com/economy/us-jobs-report-november-2023
• https://www.reuters.com/markets/us/us-job-growth-accelerates-november-unemployment-rate-drops-37-2023-12-08/
• https://finance.yahoo.com/news/november-jobs-report-unemployment-unexpectedly-declines-in-november-as-us-labor-market-continues-to-impress-133205002.html
• https://finance.yahoo.com/video/november-jobs-data-soft-landing-141719619.html
• https://ycharts.com/indicators/us_inflation_rate#:~:text=Basic%20Info,month%20and%208.20%25%20last%20year