November Jobs Report: Hiring Bounces Back With Strong Job Gains

The Untied States economy added 227,000 jobs in November, according to the Bureau of Labor Statistics. The report shows a rebound in hiring following a shockingly weak October, which saw just 36,000 jobs added. (That number was revised upward from 12,000.)

Some other trends and data highlighted in the monthly report include:

• Rising Unemployment Rate: The unemployment rate ticked up to 4.2%. The rate has hovered at or above 4% since May.
• Wage Growth: Average hourly earnings rose by 0.4% as wage growth continues to hover around 4% year over year.
• Trends by Sector: Healthcare, leisure and hospitality, and government sectors drove job growth. Retail saw job losses, an unusual trends during shopping season in the U.S. 
• Labor Force Participation: The labor force participation rate remained steady, suggesting a stable labor market.

In addition to the labor data, the two primary inflation measures—PCE (2.3%) and CPI (2.6%)—showed continued stabilization in price growth.

Nuances and Cautions in the Jobs Report

Overall, though, the labor market isn’t without any nuances.

• Rising Long-Term Unemployment: Despite the overall job growth, the number of long-term unemployed people is increasing, indicating potential challenges for some job seekers. There are 500,000 more long-term unemployed persons in the U.S. than there were in November 2023.
• Retail Sector Weakness: The decline in retail jobs may raise concerns about consumer spending and possible economic slowdown in Q4.

It’s essential for hiring managers to monitor these underlying trends despite overall positive reports from the labor market.