Continuing the theme of recent months, job growth exceeded expectations, coming in at 263,000. Transportation and Warehouse saw a decrease of 15,000 jobs in November. The number of job openings decreased by 353,000 to 10.3 million. Unemployment dropped slightly to 6.0 million and remained at 3.7%. The slight drop in the number of openings and unemployment means a reduction in available jobs per unemployed person. However, the number of jobs per person remains high, with 1.71 jobs available for unemployed persons, leading to a rise in pay again this month. These reports show little ease in the inflationary pressures driven by an employee market.
October's Job Opening and Turnover Survey
At the end of October, job openings decreased to 10.3 million, and hires lowered to 6 million. The quit rate dropped slightly to 4 million, and layoffs and discharges rose slightly to 1.4 million. As the ratio between job openings and the unemployed remains high, there has been little change to the inflationary pressures from employment.
Two sectors saw an increase in job openings. The number of job openings increased in Other Services by 76,000. Finance and Insurance also saw gains of 70,000. While State and Local Government, excluding education (-101,000), Non-durable Goods Manufacture (-95,000), and Federal Government (-61,000), saw the largest decrease in job openings.
While there was little change in the number of quits (4 million) and layoffs/discharges (1.4 million), there was a notable decrease in the number of quits in the Information sector (-29,000), and a decline in layoffs in the Federal Government (-3,000).
November's Jobs Report
Non-farm payroll grew by 263,000 in November, coming in above estimates. Unemployment was little changed, remaining at 3.7%, as the labor force participation rate decreased slightly to 62.1%. November saw an increase in permanent job losers, gaining 127,000 to reach a total of 1.4 million.
Transportation and Warehousing decreased by 15,000, with the biggest drop in Warehousing and Storage, with a loss of 13,000. Leisure and Hospitality (+88,000) marked the biggest gains in November but are still 980,000 short of their pre-pandemic levels. Healthcare (+45,000), Government (+42,000), Other Service Industries (+23,000), Construction (+20,000), Information (+19,000), and Manufacturing (+14,000) all saw gains in November.
Conclusion
The November Jobs Report and the October Job Opening and Turnover Survey only show minor signs of the decrease in inflationary pressures desired by the Fed. The number of jobs to candidates remains high, maintaining a job seekers market.
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Debra_lz
Debra Watkins covers recruitment and digital marketing for Lionzone. A Nashville native, after graduating from the University of Kentucky, Debra utilized her research and writing skills in the museum and heritage tourism fields, rising to director of two institutions before returning to Nashville in 2020 to join Lionzone.
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