Overview of jobs in November: Which industries hired the most workers?
The economy created 263,000 jobs in November. FOX Business’ Cheryl Casone and more.
U.S. job growth came in stronger than expected in November as a rush of hiring at bars and restaurants helped offset wage losses in the retail sector.
Employers added 263,000 jobs in November, the Labor Department said in its monthly payrolls report released Friday, topping the 200,000 jobs forecast by Refinitiv economists. This marks a slight decrease from the upwardly adjusted job increase of 284,000 registered in October.
Meanwhile, unemployment remained stable at 3.7 percent.
“The labor market remains tight and overheated,”[ads1]; said Joe Brusuelas, chief economist at RSM. “Competition for labor in a now-shrinking workforce is supporting higher wage gains, fueling higher inflation across the economy. While there is now evidence of remaining weakness in some areas of the economy and noticeable job losses in trade, transport and retail, it will more than offset elsewhere.”
US ECONOMY PROVIDES 263,000 JOBS IN NOVEMBER, BETTER THAN EXPECTED AS HIRING REMAINS SOLID
Although job gains was broad-based last month, the leisure and hospitality sector — the hardest hit by the COVID-19 pandemic — led the way in hiring, adding another 88,000 workers last month. Bars and restaurants accounted for the bulk of those gains, adding 62,100 workers in November. Hotels, meanwhile, saw payrolls grow by 15,900.
Employment in the leisure and hospitality industry remains around 980,000 – or 5.8% – below pre-pandemic levels.
Healthcare accounted for the second largest area of growth in November, with wage increases of 44,700. The increases were widespread across the industry. Nursing and residential facilities hired 10,400 workers, while both home health services and outpatient centers saw payrolls increase by 6,600.
FED’S WAR ON INFLATION COULD COST 1M JOBS
A pedestrian passes a “Help Wanted” sign on the door of a hardware store in Cambridge, Massachusetts, the United States, on July 8, 2022. (REUTERS/Brian Snyder/Reuters Photos)
The industry has returned to employment levels in February 2020.
Another source of job creation in November was the government, which saw hiring rise by 42,000 last month. Within the sector, notable gains took place in local government, which employed 32,000 workers – mostly in education – as well as state government, which brought in 11,000 new workers. The federal government, however, actually shed 1,000 workers last month due to a reduction of 5,700 employees at the US Postal Service.
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Employment in other industries, including social assistance (23,400), construction (20,000), manufacturing (14,000) and professional and business services (6,000) also increased last month.
Former Chase chief economist Anthony Chan discusses what the November jobs report says about the U.S. economy and inflation on “Varney & Co.” which was better than expected.
These gains helped offset the decline in retail employment, which fell by 29,900 in November. The losses stemmed largely from a 21,800 decrease in department stores and a 10,300 decrease in general merchandise stores, including warehouse clubs and supercenters. Certain sectors of the retail trade actually saw hiring increases last month, with auto dealers adding 6,900 new workers and food and beverage stores adding 4,500.
Transport and storage have meanwhile lost 15,100 jobs, while employment in the wholesale trade fell by 3,300.
