The November Jobs Report
According to the most recent jobs report from the Bureau of Labor Statistics, the U.S. economy added 228,000 nonfarm jobs in November, surpassing expectations. Another strong month for jobs further demonstrates that the country is recovering from the impacts of major hurricanes Harvey and Irma in September. This is still true even with the October report being revised down to 244,000 jobs added from 261,000.
The unemployment rate remained unchanged at 4.1 percent, holding at that 17-year low. Since this time last year, the unemployment rate has dropped by .5 percent. The November jobs report showed that hourly wages rose slightly by .2 percent. Economists say that that number should be climbing more rapidly due to competition from a large number of job openings and lack of unemployed workers to fill them.
The November jobs report was expected to show a growth of 195,000 jobs, so the actual report came in quite a bit higher. As a result of the continued health of the economy, there is almost a guarantee that the Federal Reserve will raise interest rates when they meet next week.
"After two months of volatility that we can likely attribute to hurricanes, the labor market appears healthy again," Steve Rick, chief economist at CUNA Mutual Group, said. "This likely further solidifies the case for raising rates that Jerome Powell (nominee for Federal Reserve Chair) said in late November was coming along."
Let's break down the numbers from this month's report.
In November, hourly wages increased by 0.05 to 26.55 per hour, following a -3 cent decrease in October. This brings the year-over-year wage percentage increase to 2.5 percent. The unemployment rate saw a slight uptick to 4.1 percent.
- $26.55 November
- 0.05 month-over-month
- 2.5% year-over-year
- $26.50 October
- 4.1% November
- 4.1% October
In-Depth Look: Our Industries
Let’s dive right into a look at how our industries compare to the national numbers:
- Month-over-month change: 31,000
- 189,000 jobs added year-over-year
Administrative and support services
- Month-over-month change: 24,400
- 266,800 jobs added year-over-year
- Month-over-month change: 2,200
- 69,600 jobs added year-over-year
- Month-over-month change: 24,000
- 184,000 jobs added year-over-year
Professional and business services
- Month-over-month change: 46,000
- 548,000 jobs added year-over-year
Transportation and warehousing
- Month-over-month change: 10,500
- 89,200 jobs added year-over-year
Office administrative services
- Month-over-month change: 1,000
- 25,600 jobs added year-over-year
- Month-over-month change: 29,500
- 303,600 jobs added year-over-year
The market remains hot for job seekers looking for top HR, non-clinical healthcare and supply chain and logistics positions; therefore employers will need to stay competitive. Make sure you're paying your people the right salary and doing everything you can to recruit and retain the best talent - check out our 2017 Salary Guide.