November Labor Report Recap
The U.S. economy added 199,000 new jobs in November, according to the Bureau of Labor Statistics. November’s report exceeded economists’ expectations of 180,000 net new jobs. The unemployment rate fell to 3.7% from 3.9% in October.
The latest news highlights strength in the labor market with continued growth from the 150,000 roles added last month.
The industries that saw the most jobs added this past month were healthcare and government. Additionally, manufacturing saw some notable gains, largely due to the autoworkers’ strikes ending.
Healthcare saw a surge of 77,000 new jobs compared to 58,000 in October. November’s numbers continued the healthcare industry’s streak of exceeding its monthly average of 54,000 new jobs each month.
The government sector added 49,000 new jobs, which trends near the average of 55,000 new jobs each month.
The leisure and hospitality industry saw an increase of 40,000 new jobs in November.
November’s steady job growth indicates promise for the labor market in 2024.
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Source: November 2023 Monthly Jobs Report, Bureau of Labor Statistics