- On December 10, 2020
Staff Solve strives to assist employers and job seekers with information and process hiring, but the overall economic picture of employment trends in the United States and possible factors involved. November 2020 Jobs Report
For the month of November, employment rose to 245,000, declining the unemployment rate to 6.7 percent (a 0.2% change compared to October). While the Bureau of Labor and Statistics (BLS) identifies a steady decline in the unemployment rate over a 6-month period, unemployment is still 3.2% higher than reported in February. This is due to the unpredictability of the coronavirus on the economy. Unemployment declined for all major worker groups: 6.7% for all adult men, 6.1% for all adult women, and 14.0% for teenagers. Unemployment for women was the only category that featured a decline for the month, while men remained and teens increased by 0.1%.
Temporary layoffs decreased by 441,000 to result in an overall 2.8 million. Since April, this has decreased significantly (an estimated 18.1 million) and hopes to bring promise to those seeking employment. Permanent job losers resulted in no change when compared to last month and is 2.5 higher when compared to data from February. The number of unemployed persons who were jobless for less than 5 weeks as well as 5 to 14 weeks featured little change, while the change itself decreased. Those jobless 15 to 26 weeks decreased by 760,000 and long-term unemployed persons, those jobless for 27 weeks or more, increased 385,000, accounting for 36.9% of the total unemployment rate (an increase of 4.4% compared to October).
Part-time employment decreased by 779,000 while full-time employment rose by 752,000, a positive change compared to last month. Over a 6 month period, part-time employment remains unchanged, continuing a positive turnaround starting last month due to heavy pandemic regulations and adjustments were made earlier in the year. The labor force participation rate decreased to 61.5% and the employment-population ratio experienced little change with an overall percentage at 57.3%.
The top three industries hiring in November were transportation and warehousing, professional and business services, and health care. Transportation and warehousing noticed an increase of 145,000, with couriers and messengers contributing the most with 82,000 openings. 37,000 jobs were noted in warehousing and storage companies and job growth for truck transportation (about 13,000). Professional and business services increased an overall 60,000, with half of the gain in temporary help services (32,000) and job growth (about 14,000) for buildings and dwellings. Health care contributed 46,000 jobs as offices of physicians make up 21,000 of those jobs, home health care services adding 13,000, and offices of other health practitioners contributing 8,000. Nursing care facilities still feature a decline, estimated at 12,000, due to risks of the coronavirus.
Construction employment rose 27,000, with specialty trade contractors adding 14,000 and heavy and civil engineering construction adding 10,000. Manufacturing employment rose by 27,000, with job gains noted in motor vehicles and parts (15,000) and plastics and rubber products (5,000). Financial activities increased by 164,000 over the past seven months, but still 115,000 lower than reported in February.
Employment in wholesale trade rose by 10,000, furniture and home furnishings by 6,000, and automobile dealers by 4,000. Retail trade decreased by 35,000, general merchandise stores by 21,000, and sporting goods, hobby, book, and music stores by 12,000. Employment also contracted for electronic and appliance stores (11,000) as well as health and personal care (8,000). The leisure and hospitality and food/drink services industry experience little change while arts, entertainment, and recreation added 43,000.
The average hourly earnings for all employees on private nonfarm payrolls for November are $29.58, an estimated increase of nine cents. The average hourly earnings of private-sector production and nonsupervisory employees were also changed to $24.87, a seven-cent increase.
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November 2020 Jobs Report
November 2020 Jobs Report