Published December 9, 2024 12:10 pm est
by Richard F. Cason,
Editor,
NEWSMOVESMARKETSFOREX ®
KEY TAKE AWAYS:
- U.S. Jobs report rose by 277,000 new jobs added to the U.S. Labor Markets for the month of November
- November 2024 Labor participation still remains flat and unchanged at 62.5 percent
- Unemployment rate holds steady at 4.2% for the month of Nov 2024
- November Joblessness numbers for Blacks edge up by .07% to 6.4% while Hispanics unemployment rate improved and also fell to 3.8 percent respectively
- Positive November 2024 Job Gains in construction and health care, Leisure and Hospitality, Food services sectors, Government Jobs
U.S. Labor Market Shows Significate growth: Non-Farm Payrolls Rise 277,000 November 2024
In November, the U.S. job market showed promising signs of recovery, with total nonfarm payroll employment rising by 227,000 according to the latest report from the U.S. Bureau of Labor Statistics.
The unemployment rate remained steady at 4.2%, a slight change from the previous year when it stood at 3.7%. While some sectors like healthcare and leisure surged ahead, others, particularly retail, faced setbacks.
Job Market Overview The report highlights two key surveys: the household survey, which tracks unemployment and labor force status, and the establishment survey, which measures nonfarm employment by industry.
This month’s findings reveal a labor market that, while facing challenges, continues to expand in critical sectors.
Key Highlights
Healthcare: Added 54,000 jobs, continuing its trend of growth. – Leisure and Hospitality: Gained 53,000 jobs, with significant increases in food services. – Government: Increased by 33,000 jobs, reflecting ongoing hiring in public services.
Retail Trade: Unfortunately, lost 28,000 jobs, primarily in general merchandise. Unemployment Insights The household survey data showed that the number of unemployed individuals was around 7.1 million, unchanged from the previous month.
This figure is considerably higher than a year ago, when there were 6.3 million unemployed Americans. Among different demographic groups, the unemployment rate for Black workers edged up to 6.4%, while rates for Whites and Hispanics remained relatively stable at 3.8% and 5.3%, respectively. Young workers also faced challenges; the unemployment rate for teenagers was notably high at 13.2%.
Long-Term Unemployment
Long-Term Unemployment Long-term unemployment, defined as those jobless for 27 weeks or more, remained steady at 1.7 million.
This group now constitutes 23.2% of all unemployed individuals, highlighting a growing concern for workers who have been unable to find jobs for an extended period.
Labor Force Participation The labor force participation rate, which measures the percentage of working-age individuals who are either employed or actively seeking work, held steady at 62.5%.
This figure has not changed significantly since December 2023. The employment-population ratio, however, dipped slightly to*59.8%, down 0.6 percentage points from the previous year.
Additionally, 4.5 million people remained part-time for economic reasons, indicating that they desired full-time work but were unable to secure it. This number has increased from 4.0 million a year ago.
Sector-Specific Employment Trends
Healthcare and Social Assistance Healthcare continued to be a bright spot in the job market, adding 54,000 jobs in November.
Specifically, ambulatory health services contributed 22,000 jobs, driven by growth in home health care services. Hospitals and nursing facilities also saw increases, with 19,000 and 12,000 new positions, respectively.
Leisure and Hospitality The leisure and hospitality sector followed closely, with an increase of 53,000 jobs. This growth was primarily fueled by food services and drinking establishments, which added 29,000 jobs.
Over the past year, this sector has averaged **21,000 new jobs** monthly, highlighting its ongoing recovery post-pandemic.
Government Sector
Government employment saw a rise of 33,000 jobs, consistent with the average gains seen over the past year.
State government positions accounted for 20,000 of this increase, indicating a steady demand for public sector workers.
Retail Trade Challenges Conversely, the retail sector faced difficulties, losing 28,000 jobs in November. This decline followed a period of minimal changes in employment numbers.
Notably, general merchandise retailers lost 15,000 jobs, while electronics and appliance retailers added 4,000 jobs, showing a mixed landscape within the industry.
Other Industries
Employment in other major sectors remained relatively unchanged, including mining, construction, and transportation.
The manufacturing sector saw a slight increase of 32,000 jobs, primarily due to the return of workers who had been on strike.
Earnings and Work Hours In November, average hourly earnings for all private nonfarm payroll employees rose by $0.13, reaching $35.61.
This represents a 4% increase over the past year, signaling positive wage growth for workers. The average workweek also saw a slight uptick, rising 0.1 hours to 34.3 hours.
In manufacturing, the average workweek remained steady at 40.0 hours, while overtime hours edged up by 0.1 hours.
Revisions to Previous Months The report also included revisions for September and October. For September, employment numbers were revised up by 32,000, and October saw an increase of 24,000.
Together, these revisions indicate that the job market is performing better than initially reported.
November 2024 Labor Market
The November jobs report paints a picture of a labor market that is gradually recovering, with notable growth in healthcare, leisure, and government sectors.
While the unemployment rate remains a concern, particularly among certain demographic groups, the overall increase in payroll employment suggests resilience and potential for further growth in the coming months.
As we approach the end of the year, the data reflects a mixed but hopeful outlook for the U.S. economy, with job seekers encouraged to explore opportunities in thriving sectors while the challenges in retail and long-term unemployment continue to warrant attention.
The road ahead may be complex, but the strides made in November signal a positive trajectory for the job market as we head into the new year.
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Reference: U.S. Bureau of Labor and Statistics. (2023). Employment Situation Summary Retrieved from https://www.bls.gov/news.release/empsit.nr0.
