U.S. Economy Displayed Resilience in November.
The November jobs report revealed robust hiring, with the economy adding 227,000 jobs, significantly higher than October’s revised total of 36,000. This sharp increase surpassed expectations and highlighted strong growth in sectors such as healthcare and leisure, demonstrating a rebound in economic activity.
Job growth was particularly robust in healthcare, leisure, hospitality, and social assistance, while retail saw declines. Despite the increase in payrolls, the unemployment rate ticked slightly higher. This mixed outcome supports expectations for a gradual Federal Reserve interest rate cut later this month as part of its cautious approach to monetary policy in 2025.
The Numbers*:
The U.S. economy added 227,000 jobs in November, exceeding expectations of 214,000.
The unemployment rate slightly ticked up at 4.2%, its sixth consecutive month at or above 4%.
There were 7.7M open jobs on the last working day of October.
The labor force participation rate had a slight decrease to 62.5%.
The number of job quits (voluntary exits) in the U.S. decreased to 3.3 million.
- Average hourly earnings increased by 0.4%, to $35.61.
- Average weekly hours worked held steady to 34.3 hours per week, suggesting consistent, if restrained, demand for labor.
- Total hires were 5.3M, while total separations were 5.1M.
- Within separations, layoffs/discharges accounted for 1.5 million.
Industry Trends:
| Industry | October Jobs | Notes |
| Healthcare | + 54,000 | Led by growth in home health care, hospitals, and residential care facilities. |
| Leisure and Hospitality | + 53,000 | Mainly in food services and drinking establishments. |
| Government | + 33,000 | Notable gains at the state level. |
| Manufacturing | + 22,000 | Recovering from strike-related declines in October. |
| Retail Trade | - 28,000 | Concerning signal for holiday season hiring. |
The change in total employment for September was revised up by 32,000, from +223,000 to +255,000, and the change for October was revised up by 24,000, from +12,000 to +36,000.
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* Above represents November 2024 Data
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