Hickey Jobs Report Update November 2022
Hickey Jobs Report Update – U.S. adds 263,000 jobs in November 2022
Amidst a contentious election period and continuing economic uncertainty, the American economy still added 263,000 new jobs. According to the latest U.S. Jobs Report from the Bureau of Labor Statistics, the unemployment rate remained unchanged in the month of November and has seen little fluctuation since March, with 6 million unemployed this last month.
Leisure + Hospitality, Health Care, Professional & Business Services, and Manufacturing were the leading industries in job gains for November. On trend from last month, hourly wages have once again risen by 18 cents to $32.82, setting the overall wage increase at 5.1 percent over the last 12 months.
We’re tracking these latest updates, along with labor force participation rates, wage shifts, and inflationary concerns – here are the five things you need to know from the latest U.S. Jobs Report:
U.S. businesses continued adding to their workforce, with 263,000 new jobs in November, a slight increase in growth by 2,000 workers over the previous month. In total, the U.S. economy has added more than 4 million new workers since the beginning of 2022.
Leisure and Hospitality saw the largest gains in employment, especially within the Food Services and Drinking Places industry with 62,000 new jobs. Overall, the industry increased employment this month by 80,000 workers, yet still remains below pre-pandemic employment levels by 5.8 percent. With the consumer price index being at 7.7 percent as of November data, wages still trail far behind key inflationary measures.
Average hourly earnings have seen an increase by 5.1 percent, over the last 12 months. In November, hourly earnings rose 0.6 percent with an 18-cent increase, to $32.82. With the consumer price index being at 7.7 percent as of November data, wages still trail far behind key inflationary measures.
The Retail Trade sector saw a decrease in employment of 30,000 jobs, which is on trend with the last 3 months falling 62,000. This will be an important trend to track as an overall economic health measure now that the holiday season is upon us.
The unemployment rate was unchanged at 3.7 percent which is on trend with the past few months.The total Labor Participation Rate saw little changein November at 62.1 percent as well as the employment population ratio at 59.9 percent.
For more information and insights on the latest U.S. Jobs Report, check the latest update from our Hickey Location Analytics and Incentives Team: Bureau of Labor Statistics Employment Situation Summary website.
Report Summary
The American economy added another 263,000 jobs, despite continued economic uncertainty, according to the latest U.S. Jobs Report. Since the beginning of 2022, the U.S. economy has added more than 392,000 jobs on average per month.
Employment gains were seen across various industries. The strongest gains were in Leisure + Hospitality, Health Care, and Other Services, along with Manufacturing and Construction, among others.
In the month of November, the overall number of unemployed persons edged down to 6 million in the United States from the previous month of 6.1 million. The national unemployment rate remained unchanged at 3.7 percent this month.
The labor force participation rate, 62.1 percent, and employment population ratio, 59.9 percent, have seen little to no change over 2022, and continued that trend in the month of November.
U.S. hourly wages increased by 0.6 percent or 18 cents in November to $32.82, and over the last 12 months have increased by 5.1 percent according to the Bureau of Labor Statistics.
Key Industries
Leisure & Hospitality
The Leisure & Hospitality sectors maintained a torrid hiring streak by adding 88,000 jobs in November, averaging 82,000 added jobs per month for 2022. The Food Services and Drinking Places industry saw the biggest gain in employment of 62,000 new jobs. The industry overall is still below its pre pandemic levels by 5.8 percent, or 980,000 jobs.
Health Care
The Health Care sectors had a large gain in employment in November with the addition of 45,000 new jobs across the U.S. The largest gains were seen in ambulatory health care services, adding 23,000 jobs, hospitals with the addition of 11,000, and nursing and residential care facilities adding 10,000 new jobs. The health care industry had a large increase from 2021 in the average hiring surge, with the addition of 47,000 new jobs per month.
Professional & Business Services
The Professional & Business Services sectors added 6,000 jobs in November and has seen an average growth of 58,000 jobs per month this year. The industry saw little change in the addition of jobs this month due to the increase of 28,000 jobs in the professional and technical services but decrease in 11,000 jobs in the business support services.
Transportation & Warehousing
The transportation and warehousing industry declined by 15,000 jobs in the month of November, and has lost 38,000 jobs since July. Although the industry saw a decrease of 13,000 jobs in warehousing and storage and a 12,000 lost in couriers and messenger services, there was a slight offset in the addition of 4,000 new jobs in Air Transportation.
Financial Activties
The financial activities sector continued a hiring surge with the addition of 14,000 new jobs in November. This industry gained 13,000 jobs in real estate and rental and leasing, as well as 6,000 in commodity contracts, and investments, but had a loss of 9,000 jobs in credit intermediation and related activities.
Other Notable Industries
In other notable industries, the construction industry continued to trend upwards with the addition of 20,000 jobs and manufacturing employment added 14,000 jobs during November. The other services industry added 24,000 jobs in November and has added 15,000 jobs per month on average this year. Most significant gains were in personal and laundry services with the addition of 11,000 new jobs over the month.
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: