Job growth in November slowed in the U.S., according to the Labor Department’s monthly Jobs Report. Last month, employers added 245,000 jobs, a stark difference from October’s 610,000 jobs. On a more positive note, the unemployment rate continued to edge down to 6.7% from 6.9% in the month prior. Here is a brief overview of the November 2020 Jobs Report.
November Jobs Report Overview
November was the seventh month in a row of job gains after the coronavirus wreaked havoc in March. As of last month, the labor market has regained 12 million of the 22 million jobs lost at the beginning of the pandemic. Although encouraging to some, job growth has slowed over the past few months, and with new virus cases surging, the rebirth of the labor market may continue to decline.
“With COVID cases surging again and policies being put in place to try and slow the spread, hiring has slowed down. Also, worker availability is a significant limiting factor as well, with many unable to go to work due to COVID concerns or family care obligations.” — Thomas Simons and Aneta Markowska, economists at Jefferies.”
However, with several vaccines awaiting FDA emergency approval, there is light at the end of the tunnel as we head into the new year.
Job gains by industry
Last month, U.S. employers added 245,000 nonfarm payrolls. Noticeable job gains occurred in transportation and warehousing (+145,000), professional and business services (+60,000), healthcare (+46,000), leisure and hospitality (+31,000), construction (+27,000), manufacturing (+27,000), financial activities (+15,000), and wholesale trade (+10,000). A couple industries saw declines in employment, including government (-99,000) and retail trade (-35,000).
Revisions from the previous jobs report
The Labor Department reported that total nonfarm payroll employment gains have changed in previous months. In September, payrolls were revised up by 39,000, from +672,000 to +711,000, and in October, payrolls were revised down by 28,000, from +638,000 to +610,000. With revisions over the last two months combined, employment was 11,000 more than previously reported.
Need help filling critical roles before the end of the year?
There are only a few weeks left of 2020, and the talent market is getting tighter by the month. If your hiring team needs help sourcing the best talent on the market, reach out to us. At JSG, we can quickly fill those critical roles to help your team focus on all your other year-end activities. Give us a call today, and let’s work together.