U.S. Adds 227,000 Jobs in November; Unemployment Rate Holds at 4.2%

In November 2024, the U.S. economy added 227,000 jobs, while the unemployment rate remained largely unchanged at 4.2%, according to the U.S. Bureau of Labor Statistics.

In November 2024, the U.S. economy added 227,000 jobs, while the unemployment rate remained largely unchanged at 4.2%, according to the U.S. Bureau of Labor Statistics. Job growth was concentrated in healthcare, leisure and hospitality, government, and social assistance, offset by losses in retail trade.

The unemployment rate held steady at 4.2%, with 7.1 million unemployed individuals. These figures reflect little change from October but are higher than a year ago when the unemployment rate stood at 3.7% with 6.3 million unemployed.

Household Survey Highlights

The labor force participation rate remained stable at 62.5%, and the employment-population ratio dipped slightly to 59.8%. Among major demographic groups, unemployment rates showed minimal movement, with the rate for Black workers rising slightly to 6.4%, while rates for Whites, Asians, Hispanics, and others remained steady.

Long-term unemployment remained unchanged at 1.7 million, accounting for 23.2% of total unemployment. The number of part-time workers seeking full-time jobs was also stable at 4.5 million, an increase from 4.0 million a year earlier.

Employment by Sector

The establishment survey revealed notable sectoral job changes in November:

• Healthcare: Added 54,000 jobs, with ambulatory healthcare services gaining 22,000 positions and home healthcare services contributing 16,000.
• Leisure and Hospitality: Increased by 53,000 jobs, led by 29,000 new positions in food services and drinking places.
• Government: Gained 33,000 jobs, with 20,000 added to state government employment.
• Social Assistance: Added 19,000 jobs, continuing its steady growth.
• Transportation Equipment Manufacturing: Rose by 32,000 jobs, reflecting the return of striking workers.
• Retail Trade: Lost 28,000 jobs, driven by declines in general merchandise retailers (-15,000), while electronics and appliance retailers added 4,000 positions.

Other industries, including mining, construction, wholesale trade, and financial services, showed little or no employment change.

Wages and Workweek

Average hourly earnings for private nonfarm payroll employees rose by 13 cents, or 0.4%, to $35.61, representing a 4.0% yearly increase. Wages for production and nonsupervisory employees increased by 9 cents, or 0.3%, to $30.57.

The average workweek for private nonfarm employees rose by 0.1 hours to 34.3 hours. Manufacturing employees worked an unchanged average of 40.0 hours, while overtime edged up to 2.9 hours.

Data Revisions

Revised data showed employment increases for September and October, with 32,000 more jobs in September (from 223,000 to 255,000) and 24,000 additional jobs in October (from 12,000 to 36,000). These adjustments resulted in a combined upward revision of 56,000 jobs for the two months.

The November report indicates continued resilience in the U.S. labor market, with steady job creation across key sectors despite pockets of weakness in retail trade.

Source: U.S. Bureau of Labor Statistics