November Employment Spike Not Enough to Move Unemployment Needle
The US Department of Labor released its November 2022 report showing payroll employment in nonfarm business sectors increased by 263,000 while the unemployment rate remained steady at 3.7%. The notable gain in jobs came in the leisure, hospitality, and healthcare fields. The data is a result of statistics gathered over a two-month survey of households that were measured on labor force status that include demographic and unemployment characteristics. The survey measures nonfarm employment, hours, and earnings by industry. According to the US Bureau of Labor Statistics data, the unemployment rate held at 3.7% in November, with the total number of unemployed persons hovering around the six million mark. The total nonfarm payroll employment increase by 263,000 is below the monthly job growth average of 420,000 throughout 2022, which is well below the 562,000 per month average in 2021. The November report highlights an 88,000 gain for the leisure and hospitality sector which is in line with the average monthly job gain over the first eight months of the year. In November, employment in healthcare rose by 45,000. Manufacturing employment continued to trend up in September with 14,000 jobs gained in fields such as motor vehicles and parts, fabricated metal products, and electrical equipment and appliances.