- On December 8, 2022
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This time of the year is a reminder of what to be thankful for and reflect on our personal and professional desires. 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.
Total nonfarm payroll employment increased by 263,000 in November; and the unemployment rate was unchanged at 3.7% and has been in the narrow range of 3.5-3.7% since March of this year. Among those unemployed, the number of permanent job losers rose by 127,000 and the number of persons on temporary layoff changed little at 803,000. The number of long-term unemployed, those jobless for 27 weeks or more, was little changed at 1.2 million in November. The long-term unemployed accounted for 20.6% of all unemployed persons.
Both the labor force participation rate, at 62.1%, and the employment-population ratio, at 59.9%, were little changed in November and have shown little net change since early this year. The number of persons employed part time for economic reasons was about unchanged at 3.7 million in November. These individuals, who would have preferred full-time employment, were working part time because their hours had been reduced or they were unable to find full-time jobs. The number of persons not in the labor force who currently want a job was little changed at 5.6 million, but were not counted as unemployed because they were not actively looking for work during the 4 weeks preceding the survey or were unavailable to take a job.
Among those not in the labor force who wanted a job, the number of persons marginally attached to the labor force held at 1.5 million for the month. These individuals wanted and were available for work and had looked for a job sometime in the prior 12 months, but had not looked for work in the 4 weeks preceding the survey. The number of discouraged workers, a subset of the marginally attached who believed that no jobs were available for them, was 405,000 and was little changed when compared to the previous month.
Total nonfarm payroll employment increased by 263,000, roughly in line with average growth over the prior 3 months (+282,000). Monthly job growth has averaged 392,000 thus far in 2022, compared with 562,000 per month in 2021. In November, notable job gains occurred in leisure and hospitality, health care, and government. Employment declined in retail trade and in transportation and warehousing. Leisure and hospitality added 88,000 jobs, including a gain of 62,000 in food services and drinking places. Leisure and hospitality has added an average of 82,000 jobs per month thus far this year, less than half the average gain of 196,000 jobs per month in 2021. Employment in health care rose by 45,000, with gains in ambulatory health care services (+23,000), hospitals (+11,000), and nursing and residential care facilities (+10,000). So far in 2022, health care employment has increased by an average of 47,000 per month, well above the 2021 average monthly gain of 9,000. Government-related services added 42,000 jobs, mostly in local government (+32,000). Government employment has increased by an average of 25,000 per month thus far this year, compared with 38,000 per month in 2021.
Employment in the other services industry rose by 24,000, as personal and laundry services added 11,000 jobs over the month. Other services employment has increased by an average of 15,000 per month thus far this year, compared with 24,000 per month in 2021. Social assistance increased by 23,000 in November and has returned to its February 2020 level. Within social assistance, employment in individual and family services increased by 17,000. Job growth in social assistance has averaged 18,000 per month thus far in 2022, compared with an average of 13,000 per month in 2021. Construction employment continued to trend up (+20,000), with nonresidential building adding 8,000 jobs. Construction has added an average of 19,000 jobs per month thus far this year, little different from the 2021 average of 16,000 per month.
Information services rose by 19,000, and employment in the industry has increased by an average of 14,000 per month thus far this year, in line with the average of 16,000 per month in 2021. Manufacturing employment continued to trend up (+14,000). Job growth has averaged 34,000 per month thus far this year, little different from the 2021 average of 30,000 per month. Financial activities continued its upward trend (+14,000), with job gains in real estate and rental and leasing (+13,000) and in securities, commodity contracts, and investments (+6,000) were partially offset by a decline in credit intermediation and related activities (-9,000). Employment in financial activities has increased by an average of 12,000 per month thus far this year, the same as in 2021.
Retail trade declined by 30,000 in November, specifically in general merchandise stores (-32,000), electronics and appliance stores (-4,000), and furniture and home furnishings stores (-3,000) were partially offset by a job gain in motor vehicle and parts dealers (+10,000). Retail trade employment has declined by 62,000 since August. Transportation and warehousing declined by 15,000 and has decreased by 38,000 since July. In November, job losses in warehousing and storage (-13,000) and in couriers and messengers (-12,000) were partially offset by a job gain in air transportation (+4,000). Employment in professional and business services changed little in November (+6,000). Within the industry, professional and technical services added 28,000 jobs, while business support services lost 11,000 jobs. Monthly job growth in professional and business services has averaged 58,000 thus far in 2022, down from 94,000 per month in 2021. Mining and wholesale trade experienced little change this month.
In November, average hourly earnings for all employees on private nonfarm payrolls rose by 18 cents, or 0.6%, to $32.82. Over the past 12 months, average hourly earnings have increased by 5.1%. Average hourly earnings of private-sector production and nonsupervisory employees rose by 19 cents, or 0.7%, to $28.10. The average workweek for all employees on private nonfarm payrolls declined by 0.1 hour to 34.4 hours. In manufacturing, the average workweek for all employees decreased by 0.2 hour to 40.2 hours, and overtime declined by 0.1 hour to 3.1 hours. The average workweek for production and nonsupervisory employees on private nonfarm payrolls decreased by 0.1 hour to 33.9 hours.
The change in total nonfarm payroll employment for September was revised down by 46,000, from +315,000 to +269,000, and the change for October was revised up by 23,000, from +261,000 to +284,000. With these revisions, employment gains in September and October combined were 23,000 lower than previously reported. Monthly revisions result from additional reports received from businesses and government agencies since the last published estimates and from the recalculation of seasonal factors.
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