November’s Job Report and October’s Job Opening Survey came in stronger than expected by economists. The US economy, in November, created 199,000 new Nonfarm payroll jobs. Now, experts are concerned that the better than expected report will push the Federal Reserve into raising interest rates again early next year. The stock market has already dipped and risen back up this morning with the news. October’s job opening report saw the number of open jobs decrease to 8.7 million. Unemployment dipped down a little to 6.3 million. The unemployment rate dropped to 3.7% rate from October into November. Transportation and Warehouse job openings fell by 5,000 jobs.
October's Job Opening and Turnover Survey
At the end of October, job openings decreased, falling to 8.7 million openings. Hires have been hovering around the same numbers for several months now, remaining at roughly 5.9 million. The quit rate decreased minimally to 3.6 million, and layoffs and discharges increased a small amount to 1.6 million.
The following sectors saw some increases in job openings once the final numbers from October were added. The Healthcare and Social Assistance industries decreased job openings by 236,000. Openings also decreased in Finance and Insurance (168,000) and Real Estate (49,000). One of the few industries to see an increase in job openings was the Information industry (39,000).
November's Jobs Report
For the month of November, Non-farm payrolls grew by 199,000, coming in at 9,000 more than estimates expected. Unemployment decreased slightly to 3.7%, while the labor force participation rate has continued to remain at almost the same rate, 62.8%.
Manufacturing, with the end of most of the strikes in the auto industry, saw a marked increase in the number of workers (+30,000). Transportation and Warehousing saw few changes in November, showing a loss of 5,000 jobs. Retail trade employment saw surprising losses of 38,000 jobs in November. Considering the holiday season, this has come as a shock to many experts. Leisure and Hospitality continues to trend upward, gaining another 40,000 jobs, and almost all of them are in food services and drinking places. Strikes in the motion picture industry have finally come to a close, and that means Entertainment jobs rose by 17,000 as a result of writers and actors coming back to work. Government (+49,000) and Healthcare (+77,000) also saw substantial gains last month.
Conclusion
The November Jobs Report and the October Job Opening and Turnover Survey came in with several surprises this month. However, those surprises are now worrying economists that the Federal Reserve will begin to raise rates again early next year. Due to that, the stock market is in the middle of adjusting its expectations after seeing the report. With a new year only a few weeks away, everyone hopes to leap into 2024 on a good footing economically.
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Meaghan Goldberg covers recruitment and digital marketing for Lionzone. A Patterson, GA native, after graduating from both Valdosta State University and Middle Tennessee State University, Meaghan joined Lionzone in 2018 as a digital recruitment strategist before becoming the social media manager.
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