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November 2020 Jobs Report

November 2020 Jobs Report: 245,000 Jobs Added

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.

October 2020 Jobs Report

October 2020 Jobs Report: 638,000 Jobs Added

According to the Labor Department, U.S. employers added 638,000 jobs last month, much than economists projected. This is the sixth month in a row of job gains as the country continues to recover from the pandemic. The unemployment rate also dropped to 6.9%, a whole percentage point lower than September’s rate. The positive results of this month’s report are primarily thanks to the decline in the number of temporary layoffs and a boost in seasonal hiring. Here is an overview of the October 2020 Jobs Report.

October 2020 Jobs Report Overview

U.S. employers are on a six-month streak of adding nonfarm payrolls. And with a massive decline in government workers due to the conclusion of the 2020 census, the Labor Department would have reported over 900,000 nonfarm payroll gains. “The 638,000 rise in nonfarm payrolls in October is stronger than it looks as it included a 147,000 drop in temporary Census employment and, alongside the big fall in the unemployment rate, it suggests that the labor market recovery still has plenty of momentum,” Andrew Hunter, senior U.S. economist for Capital Economics.

This month’s gains are a shock to many economists as the number of positive coronavirus cases continues to surpass daily records. On November 5th, the U.S. reported almost 117,000 new coronavirus cases. And although we have made significant strides in our country’s recovery, there are still 11.1 million unemployed persons (down 1.5 million from last month).

Workers are returning on-site

A noticeable shift in the October Jobs Report was the number of remote workers returning on-site. 21.2% of employees last month worked remotely because of the virus. That is slightly down from September’s rate of 22.7%. This trend will be interesting to watch going forward as the number of positive cases continues to climb. Regardless of this slight decline, millions of people are still working remotely, and hiring managers will have to continue to change their processes to attract them.

Job gains by industry

Last month, U.S. employers added 638,000 nonfarm payrolls. Noticeable job gains occurred in leisure and hospitality (+271,000), professional and business services (+208,000), retail trade (+104,000), construction (+84,000), healthcare and social assistance (+79,000), transportation and warehousing (+63,000), manufacturing (+38,000), financial activities (+31,000), and other services (+47,000). Employment in government fell by 268,000, mostly due to the loss of 147,000 2020 Census workers.

Revision from the previous jobs report

The Labor Department reported that total nonfarm payroll employment gains have increased in previous months. In August, payrolls were revised up by 4,000, from +1,489,000 to +1,493,000, and in September, payrolls were revised up by 11,000, from +661,000 to +672,000. With revisions over the last two months combined, employment was 15,000 more than previously reported.

Find the talent you need before year’s end

We have less than two months left of 2020 (thankfully); it’s time to start thinking about your hiring needs going into the new year. There are millions of talented workers on the market, and you don’t want to wait to scoop them up, or you will miss out. If your hiring team needs assistance navigating this challenging, ever-changing labor market, reach out to us today. We are here to help you start the new year off on the right foot.

September 2020 Jobs Report

September 2020 Jobs Report: the U.S. Gains 661,000 Payrolls

The Labor Department reported that nonfarm payrolls rose by 661,000. That is the fewest gains since May and much lower than economists’ expectations of around 850,000 payrolls. Regardless of expectations, the unemployment rate continued to decline from 8.4% to 7.9%. Although slower than predicted, the U.S. economy is still on the path of recovery, even as COVID-19 cases continue to surge. Here is an overview of the September 2020 Jobs Report.

September Jobs Report overview

Despite all odds, employers around the nation are continuing to add jobs, although at a slower rate in the last three months. Hiring started to cool in July, with the growth of nearly 2 million positions. There are still roughly 10.7 million Americans out of work than before the pandemic hit in February. However, we have made huge strides over the last seven months when employment fell by more than 22 million, and the unemployment rate hit an all-time high of 14.7%. Fast forward to today, the unemployment rate is sitting at 7.9%, and has been consistently declining since April. Moreover, the number of unemployed Americans declined by 1.0 million to 12.6 million unemployed persons.

The labor force participation rate slightly declined by 0.3%, to 61.4%, which is 2% lower than it was back in February. Additionally, average hourly earnings bumped up 4.8%, to $29.47.

The impact of the coronavirus

As the country continues its battle with the coronavirus, the labor market outlook is a little precarious, despite consistent growth over the summer. Last month, the U.S. surpassed 200,000 deaths from the coronavirus pandemic, and this morning, it was confirmed President Trump tested positive for the virus. This is the final jobs report before the November election. Hopefully, our battle with the virus continues to trend in the right direction, and more employers can create jobs.

Job gains by industry

The industries with the largest employment growth are leisure and hospitality (+318,000), retail trade (+142,000), healthcare and social assistance (+108,000), professional and business services (+89,000), transportation and warehousing (+74,000), manufacturing (+66,000), financial activities (+37,000), information (+27,000), construction (+27,000), wholesale trade (+19,000), and mining (+1,000). Government payroll declined by 216,000 and private education fell by 69,000.

Revisions from the previous jobs report

Over the last two months, total nonfarm payroll employment gains were revised. In July, payrolls were revised up by 27,000, from +1,734,000 to +1,761,000, and in August, payrolls were revised up by 118,000, from +1,371,000 to 1,489,000. With revisions over the last two months combined, employment was 145,000 more than previously reported.

Are you ready to harvest more jobs this fall?

More employers are gaining confidence in the labor market and jumpstarting their hiring efforts. Plus, seasonal hiring is about to be kicked into high gear as employers will go on a hiring spree to keep up with seasonal demand this fall. If your team is ready to revive your hiring efforts, JSG is here to help. We have a solid grasp on the market and a strong pipeline of candidates that are ready to work. Reach out to us today, and let’s work together to fill your job vacancies.

August 2020 Jobs Report

August 2020 Jobs Report: 1.37 Million Jobs Added

For the fourth month in a row, the U.S. economy experienced a growth in jobs and a decline in the unemployment rate. In August, the Department of Labor reported job gains of 1.37 million with an unemployment rate of 8.4%. Although fewer payrolls than reported in previous months, August’s job gains are a strong indication that the country is making a steady recovery from the pandemic.

August 2020 Jobs Report Overview

The U.S. economy added more jobs than expected last month, a common occurrence throughout the last few months. Surveyed economists from the Dow Jones anticipated growth of only 1.32 million and an unemployment rate of 9.8%. In contrast, the Labor Department announced last week a slightly better than expected 1.37 million jobs and a jobless rate of 8.4% (from 10.2% last month). However, that’s a sharp decline from June’s 4.8 million jobs added and July’s 1.8 million.

Nonetheless, August was the lowest unemployment rate since the beginning of the COVID-19 pandemic, which peaked at nearly 15%. The number of unemployed persons fell by 2.8 million to a total of 13.6 million. Although still notably high, the unemployment rate has been steadily decreasing for four consecutive months. Additionally, temporary layoffs declined by 3.1 million last month to a total of 6.2 million. That is a sharp reduction from April’s 18.1 million layoffs. As you can see, more Americans are finally returning to work as employers are able to bring back some of their staff.

Where are the jobs at?

The industries with the largest employment growth are government (+344,00), retail trade (+249,000), professional and business services (+197,000), leisure and hospitality (+174,000), education and health services (+147,000), transportation and warehousing (+78,000), financial activities (+36,000), manufacturing (+29,000), and wholesale trade (+14,000). Employment in mining, construction, and information changed little over the month.

Revisions from the previous jobs reports

Over the last two months, total nonfarm payroll employment gains were revised. In June, payroll employment declined by 10,000, from +4,791,000 to +4,781,000. In July, payroll gains were also revised down by 29,000, from +1,763,000 to +1,734,000. With revisions over the last two months combined, employment was 39,000 less than previously reported.

Are you ready to restart your hiring efforts?

As the healing process continues, more hiring managers and employers are gaining confidence in restarting their efforts. If you are actively searching for new talent or preparing to activate your hiring strategy, reach out to a recruiter from JSG. We are here to help you navigate this challenging labor market with ease. And if you are a job seeker, we are ready to help you find your next opportunity today. Let’s work together to find you your next role.

jobs with the fastest-growing demand

August Jobs with the Fastest-Growing Demand

As the country continues to recover, jobs are starting to return faster than many economists projected. The Labor Department reported a gain of 1.8 million jobs last month and an unemployment rate of 10.2%, a decline in 0.9%. However, some jobs are growing much faster than others. Last month, there was a significant spike in essential worker hiring. Nurses, drivers, cooks, and stock clerks were some of the most in-demand jobs in July. This month is another story with a tremendous surge in advisory and sales jobs, according to a recent LinkedIn report. Here is a brief breakdown of August’s jobs with the fastest-growing demand.

Jobs with fastest-growing demand

The pandemic has brutally impacted both the healthcare industry and the economy. As a result, the hiring needs for these areas have changed over the last five months. The growth of advisory and assistant-level positions has exploded over the past month. According to LinkedIn, below are the jobs with the fastest growing demand based on month-over-month (from June to July) changes in job postings:

  1. Tax Specialist
  2. Financial Advisor
  3. Customer Assistant
  4. Training Supervisor
  5. Patient Care Assistant
  6. Restaurant Worker
  7. Patient Service Representative
  8. Technical Program Manager
  9. Salesforce Developer
  10. Javascript Developer

Some of the positions listed above are probably not a surprise to anyone. People worldwide are looking for financial help during this crisis, so a surge in tax specialists and financial advisors makes sense. And patient care assistants and patient service reps will be in high demand for months to come.

Remote work hiring

However, with hundreds of companies still supporting remote work, the fastest-growing demand for work from home positions looks much different. Here are the top ten remote jobs:

  1. Sales Development Rep
  2. Sales Director
  3. Back End Developer
  4. Product Manager
  5. Sales Manager
  6. Project Manager
  7. Account Manager
  8. Marketing Manager
  9. Clinical Research Associate
  10. Software Engineer

Three of the top five remote jobs listed above are sales roles, and a couple of these roles are related to software development. This trend will be exciting to watch as remote work becomes even more normalized in the near future.

Are you looking to pivot your career?

So, here is a very brief overview of August’s jobs with the fastest-growing demand. But, there are dozens of other jobs that are also in high demand. If you are looking to pivot your career in a new direction, now is a great opportunity! Check out our job board for hundreds of exciting job openings with clients excited to have someone like you join their team.

July 2020 Jobs Report

July 2020 Jobs Report: Three-Straight Months of Job Gains

For the third month in a row, the U.S. economy experienced a growth in jobs despite a spike in COVID-19 cases across many regions of the country. According to the Department of Labor, nonfarm payrolls increased by an additional 1.8 million jobs in July. That’s slightly better than the 1.5 million job gains predicted by economists. As a result of this uptick, the unemployment rate dropped to 10.2% from 11.1% the previous month. Although these numbers are inching closer to pre-pandemic growth, the labor market’s growth is decelerating from last month’s 4.8 million job gains in June.

July 2020 Jobs Report Overview

The addition of 1.8 million jobs is a steep decline from the shocking gain of 4.8 million jobs last month, the most significant single-month increase in U.S. history. However, despite surges in coronavirus cases, the U.S. economy is still adding jobs as many businesses slowly begin to open their doors. “The labor market continues to heal, which is encouraging, but there is a long road ahead,” said Michelle Meyer, head of U.S. economics at Bank of America.

Although improving at a slower rate, these numbers are surprising to many economists as unemployment claims are still trickling in. In the week ending on August 1, adjusted initial unemployment claims reached 1.18 million. As COVID-19 cases continue to soar, it will be interesting to see how this number fluctuates. Some states (such as Texas, Florida, Arizona, and California) may see this number increase, while others will decline as other states relax restrictions.

Additionally, the unemployment rate fell 0.9%, from 11.1% to 10.2%. This decline is a great indication that America is continuing to heal. However, the unemployment rate remains above the Great Recession high of 10% that was reached in October 2009. The labor force participation rate was 61.4%, virtually unchanged from the previous month. But on the brighter side, the average hourly earnings rose by $0.07 to $29.39, a nice surprise for many economists.

Where are the job gains?

Significant employment increases occurred in leisure and hospitality (+592,000), government (+301,000), retail trade (+258,000), professional and business services (+170,000), healthcare (+126,000), social assistance (+66,000), transportation and warehousing (+38,000), manufacturing (+26,000), financial activities (+21,000), and construction (+20,000). All other services industry added 149,000 jobs and mining again saw a decline of jobs (-7,000).

Revisions from previous months

Over the last two months, total nonfarm payroll employment gains were revised. In May, payroll employment increased by 26,000, from +2,699,000 to +2,725,000. In June, payroll gains were revised slightly down by 9,000, from +4,800,000 to +4,791,000. With revision over the last two months combined, employment was 17,000 higher than previously reported.

Get some hiring help in this volatile market

It’s evident from the July 2020 Jobs Report that the economy is still recovering. And as the market continues to heal, employers are starting to gain confidence in their hiring efforts. If you are ready to begin filling your vacant positions, reach out to a recruiter from JSG. We are ready to help you source the talent you need to get production levels back on track. Contact us today, and let’s work together to design a hiring strategy that works for you.

June 2020 Jobs Report

June 2020 Jobs Report: A Spark of Light in the Labor Market

Despite recent spikes in COVID-19 cases, the U.S. labor market exemplified signs of recovery in the June 2020 Jobs Report. Last month, non-farm payrolls added 4.8 million jobs in June, much higher than the +2.9 million expected by economists. As a result, the unemployment rate dropped to 11.1%, which is also better than the predicted rate of 12.4%. Overall, we still have a long way to go before we return to our pre-pandemic state, but we have seen a spark of light in the U.S. labor market for two consecutive months.

June 2020 Jobs Report Overview

The addition of 4.8 million jobs is a massive jump from May’s gain of 2.7 million jobs, marking the most significant single-month increase in U.S. history. “The 4.8 million rise in non-farm payrolls in June provides further confirmation that the initial economic rebound has been far faster than we and most others anticipated,” said Michael Pearce, senior U.S. economist at Capital Economics.

These numbers are a little surprising since jobless claims keep rolling in each week. In another report released by the Department of Labor, U.S. unemployment claims clocked in at 1.427 million. However, this contrast is partly because not every unemployed American is returning to work, even after states and counties continue to open. Thus, many of the 4.8 million jobs are new jobs that have been created over the last month.

The unemployment rate declined by 2.2%, from 13.3% in May to 11.1% last month. The labor force participation rate also saw a nice bump to 61.5%, another strong indication that we are well on our way to recovery. Additionally, the number of temporary layoffs in June fell by 4.8 million to a total of 10.6 million, following last month’s trend.

Where are the job gains at?

Significant employment increases occurred in leisure and hospitality (+2.1 million), retail trade (+740,000), education and health services (+568,000), manufacturing (+356,000), professional and business services (+306,000), construction (+158,000), transportation and warehousing (+99,000), wholesale trade (+68,000), financial activities (+32,000), and government (+33,000). Unfortunately, the mining industry continued to lose jobs (-10,000). Employment in all other services industries increased by +357,000.

Revisions from previous months

Over the last couple of months, non-farm payroll employment was revised. In April, employment was declined by 100,000 from -20.7 million to -20.8 million. However, May’s employment levels saw a positive change of +190,000 from +2.5 million to +2.7 million. With these revisions, employment in April and May combined was +90,000 higher than previously reported.

Employers are hiring again

The last two job reports illustrate that the country is beginning to recover. We are far from our pre-pandemic job gain levels and historic-low unemployment rates, but we are making progress. These numbers show the resiliency of our country and employers across the country. If you are currently on the job market, we have hundreds of opportunities with employers that need talent like you. Check out our job board and find the next step in your career today.

May 2020 Jobs Report

May 2020 Jobs Report: The Job Market Starts to Rebound

Defying all odds and expert predictions, the unemployment rate fell to 13.3% last month, according to the Bureau of Labor Statistics. Nonfarm payrolls also rose by an unprecedented 2.5 million jobs in May. These results shatter economists’ predictions of hitting a record-high unemployment rate of 19.5% and a decline of 8.3 million jobs. If these predictions came to fruition, we would be in the largest state of decline since the Great Depression.

Although not close to its pre-pandemic state, the job market is recovering as people thankfully return to work. Here is a brief breakdown of the May 2020 Jobs Report.

May 2020 Jobs Report Overview

Last month, the unemployment rate was at 14.7% with a massive decline of 20.5 million jobs; numbers we haven’t seen in decades. Fast forward to May, and despite the impact of the Coronavirus, we’ve taken a massive leap in the right direction. The fact that economists predicted a loss of 8.3 million jobs and we gained 2.5 million shows that the U.S. is well on it’s way to recovery.

“It seems the damage from the nationwide lockdown was not as severe or as lasting as we feared a month ago,” said Scott Clemons, chief investment strategist at Brown Brothers Harriman.

This report is shocking to most as another 1.9 million unemployment claims were reported yesterday, totaling nearly 43 million unemployment claims. This drastic increase in jobs despite record-breaking unemployment gains “suggests that the U.S. economy is more resilient than expected,” said Seema Shah, chief strategist at Principal Global Investors.

Where were the job gains?

Significant employment increases occurred in leisure and hospitality (+1.2 million), construction (+464,000), education and health services (+424,000), and retail trade (+368,000). Government employment continued to decline last month (-585,000). Manufacturing also saw a gain of +225,000 jobs, and so did professional & business services with +127,000 jobs.

Revisions from previous months

Total nonfarm employment was revised in both March and April. In March, payrolls were revised down from -881,000 to -1.4 million. And in April, payrolls declined from -20.5 to -20.7 million. With these revisions, combined employment in March and April was 642,000 lower than previously reported. After these revisions, we have averaged a monthly loss of 6.5 million jobs per month over the past three months.

Employers are still hiring

Overall, May’s Jobs Report is truly great news as we continue to recover from this global pandemic. However, we still have a long way to go and must be patient. But employers are beginning to bring workers back and hire new staff members. If you’re currently looking for a new job, Johnson Service Group is here to help. Check out our job board to find your next opportunity!

April 2020 Jobs Report

April 2020 Jobs Report: Jobs Fall by 20.5 Million

In April, another 20.5 million jobs were lost because of the COVID-19 pandemic. This decline is the biggest loss since the Great Depression and a massive leap from March’s loss of 870,000 jobs. This surge in job losses comes as no surprise as more than 33 million Americans have filed for unemployment claims since the end of March. The unemployment rate also ticked up 10.3%, for a total unemployment rate of 14.7% in March. This unemployment rate is the largest month-to-month increase since the BLS started tracking these statistics. Here is a brief overview of the April Jobs Report.

April 2020 Jobs Report Summary

These job losses are over double the losses recorded during the 2008 financial crises and the steepest decline since the government began recording this data in 1939. After the 2008 Financial Crises, the U.S. added 22.8 million jobs in a decade, but sadly, the Coronavirus has wiped out (at least temporarily) a decade’s worth of gains.

The industries hit the hardest last month was Leisure and Hospitality (7.7 million), Education and Health Services (2.5 million), Professional and Business Services (2.1 million), Retail Trade (2.1 million), Manufacturing (1.3 million), Government (980,000), and Construction (975,000).

Despite all of the job losses, average hourly earnings increased by $1.34, to $30.01 an hour. This increase is the result of essential workers earning hazard pay and lower-paid workers, unfortunately, losing their jobs.

Job Gain Revisions

In both February and March, total nonfarm payroll employment was revised down. In February, job gains revised down from +275,000 to +230,000, and in March, job losses revised from -701,000 to -870,000. These combined changes were 214,000 jobs lower than previously reported.

Light at the end of the tunnel

There is no disputing the stark outlook based on statistics from the BLS over the last three months. However, on a more positive note, we should hopefully start seeing a comeback in several states. In fact, 19 states are now only in a partial lockdown and are beginning to reopen. In states like these, thousands of Americans will thankfully get back to work and return to a little normalcy. Some of the businesses that have been hit hardest, such as restaurants, dental offices, and construction, can open back up. That is a significant step in the right direction for our country.

The curves are starting to flatten in many states; it finally feels like there is light at the end of the tunnel. We are all in this together and must continue to be patient. We will overcome this and come out stronger and more united as a nation.

March 2020 Jobs Report

March 2020 Jobs Report: Jobs Fall by 701,000, Unemployment at 4.4%

In March, jobs fell by 701,000, showing the wreckage caused by the coronavirus crisis. Last month is the first time the BLS has reported a loss in jobs since September 2010. This is no surprise as unemployment claims spiked to 6.6 million (from March 22-28) as Americans struggle to cope with the economic impact of COVID-19. As a result, the unemployment rate surged to 4.4%, the highest rate since August 2017.

Let’s take a brief look at the March 2020 Jobs Report

The industry that was hit the hardest from the COVID-19 pandemic was the Leisure and Hospitality industry, with a loss of 459,000 jobs. That’s nearly two-thirds of the total job losses for March. Most of these job losses are from bars and restaurants that are sadly forced to close during the shutdown to help flatten the curve of the virus. However, as soon as these establishments can open up their doors again, the majority of these jobs will return.

Other industries hit hard by the virus were Healthcare (-61,000), Professional & Business Services (-52,000) Retail Trade (-46,000), and Construction (-29,000). Employment for the Federal Government actually rose by 18,000 jobs as the U.S. prepares to facilitate the 2020 Census.

Despite all this negativity, average hourly earnings continued to rise with an $0.11 increase to $28.62 per hour. Over the last 12 months, average hourly earnings have increased by 3.1%.

Before the COVID-19 pandemic

Before the pandemic sweeping the world, the labor market was holding steady, with jobs gains averaging +243,000 jobs over the prior three months. And in February alone, job gains clocked in at a mind-blowing 275,000 jobs. The unemployment rate was also sitting pretty at 3.5% – a 50-year low. And in 2019, average monthly job gains equaled 178,000 jobs. In other words, the economy and job market were humming along strongly until the pandemic.

Stay calm and stay patient

Yes, there is no disputing that these numbers are devasting. And this is just the begging as economists believe the March 2020 Jobs Report is only an indication of what’s to come in April. But social distancing is working. Data from California and Washington state show that “Stay Home, Stay Safe” orders are helping to flatten the curve of new cases. The sooner we overcome this virus, the sooner we can all go back to work. Yes, this virus is keeping people from working, but if we take the proper precautions, we can overcome this battle and return to our everyday lives.