The economy added 263,000 jobs in November. Sheryl Kazon, FOX Business, with more.
US job growth came in stronger than expected in November as a surge in hiring in bars and restaurants helped offset losses in retail payrolls.
The bosses Adding 263,000 jobs In November, the Labor Department said in its monthly payroll report released on Friday, it exceeded the 200,000 jobs projected by Refinitiv economists. It represented a slight slowdown from the upwardly revised jobs increase of 284,000 recorded in October.
Meanwhile, the unemployment rate held steady at 3.7%.
“The job market remains tight and overheated,” said Joe Brusolas, chief economist at RSM. “Competition for labor within a now-shrinking labor force supports increasing wage gains, which fuel high inflation across the economy. While there is now evidence of residual weakness within some areas of the economy and marked job losses in trade, transportation, and retail, It will be replaced elsewhere.”
The US economy added 263,000 jobs in November, better than expected as employment remained flat
despite job gains On a large scale last month, the leisure and hospitality sector – hardest hit by the COVID-19 pandemic – led the way in hiring, adding another 88,000 workers last month. Bars and restaurants made up the bulk of those gains, adding 62,100 workers in November. Meanwhile, hotels saw job growth of 15,900.
Employment in the leisure and hospitality industry remains around 980,000 – or 5.8% – below pre-pandemic levels.
Healthcare accounted for the second largest area of growth in November, with salaries rising by 44,700. The increases were spread across the industry. Nursing and residential care facilities employed 10,400 workers, while home health care services and outpatient care centers saw salaries increase by 6,600.
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A pedestrian passes a “help wanted” sign in the door of a hardware store in Cambridge, Massachusetts, US, July 8, 2022. (Reuters/Brian Snyder/Reuters Photo)
The industry returned to employment levels in February 2020.
Another source of job creation in November was the government, which saw hiring increase by 42,000 in the last month. Within this sector, notable gains have been made in local governments, which hired 32,000 workers – mostly in education – as well as state governments, which hired 11,000 new workers. However, the federal government actually laid off 1,000 workers last month due to a reduction of 5,700 employees for the US Postal Service.
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Employment also increased in other industries, including social assistance (23,400), construction (20,000), manufacturing (14,000) and professional and business services (6,000) last month.
Former Chase chief economist Anthony Chan discusses what the better-than-expected November jobs report says about the US economy and inflation at Varney & Co.
Those increases helped offset declines in retail employment, which fell by 29,900 in November. Losses stemmed largely from a 21,800 drop in supermarkets and a 10,300 drop in general merchandise stores, including warehouse clubs and supercenters. Some sectors of the retail industry already saw an increase in hiring last month, with auto dealers adding 6,900 new workers and food and beverage stores adding 4,500.
Meanwhile, transportation and warehousing eliminated 15,100 jobs, while employment in the wholesale trade sector fell by 3,300.