HICKEY Jobs Report Update – November 2021
Hickey Jobs Report Update – U.S. adds 210,000 jobs as unemployment drops to 4.2% in November 2021.
U.S. economy adds 210,000 jobs and unemployment drops by only .4%, according to the latest U.S. Bureau of Labor Statistics Jobs Report.
This month’s release of the U.S. Bureau of Labor Statistics November 2021 Employment Situation Summary, often referred to as the Jobs Report, shows steady job growth in several key industries, but stagnation across education and a decline in retail trade.
Unemployment dropped by .4% to 4.2% in November. Although the 210k jobs added is less than half of October’s numbers (+531K), the unemployment percentage points improved by two times due to the cumulative reduction in jobless numbers over the past six months.
As job numbers continue to ebb and flow across most industries, except the few which have thrived during the pandemic, understanding workforce and labor trends is more critical to your business than ever before. Deciphering the meaning and direction of job statistics within a given sector requires benchmarking and forecasting which accounts for seasonal disruptions and expedited business innovations during the transition to our new normal.
Key Industries
Leisure and Hospitality
Still down by 7.9% or 1.3 million from pre-pandemic numbers, the sector experienced nominal job growth in November, adding only 23k jobs. The industry has added a total of 2.4 million jobs this year.
Education
Public and private education changed little in November as the pandemic continues to create uncertainty in the sector.
Professional and Business Services
The industry’s nearly kept pace with October’s growth (+100k) by adding 90k jobs in November, the bulk of which came from administrative and waste services.
Manufacturing
Manufacturing added 31k jobs in November, down from 60k the month before, and is still down 253k jobs since February 2020. Durable goods manufacturing contributed the most growth (+10K) in November.
Transportation and Warehousing
The sector kept its steady growth by adding 50k jobs in November. Couriers and messengers provided 27k of those jobs.
Retail Trade
Retail lost 20k jobs in November and is still down by 176k from February 2020. General merchandising (-20k) and clothing/accessories stores (-18k) took the hardest hit, with various sub sectors helping off set those loses.
Other Industries
Among other industries across the U.S. economy, the following employment numbers were released in the latest report:
Healthcare: +2k
Financial: +13k
Construction: +31k
Wholesale Trade: Little Change
Information: Little Change
Mining: Little Change
For more information on the latest Jobs Report, including additional details on the data concepts and statistical methodologies utilized, visit the Bureau of Labor Statistics Employment Situation Summary website.
If you are interested in learning more about the jobs reports, along with how we support our clients with dynamic labor analytics, we would be excited to connect one of our location strategy experts: