Reported by the U.S. Bureau of Labor Statistics, the Monthly Economic Employment Report was released this Friday, December 3. Broken down monthly and quarterly, Search Solution Group highlights the latest economic analysis for November’s month-over-month changes in employment performance based on current job market fluctuations.
KEY TAKEAWAYS
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Change in Employment Rate
- The unemployment rate edged down by .4% to 4.2%.
- 6.9 million unemployed citizens showed a continued downwards trend from 7.4 million in October.
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Job Growth & Decline
- Job growth was widespread, with notable job gains in leisure and hospitality, in professional and business services, transportation and warehousing, construction, and manufacturing.
- Job employment decline was only noted in the retail industry.
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Household Survey Data
- Among the major worker groups, the unemployment rate is now stated at 4.0% for adult men, declining from 4.3% in October.
- The jobless rate for adult women also continued to decline to 4.0%, down from 4.4% the previous month.
- The third major player in jobless rates also mirrored this trend, where teenagers decreased from 11.9% to 11.2%.
- Of the 2.2 million US citizens who permanently lost their jobs, this number changed little but remains higher than February in 2020.
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Average Hourly Earnings & Hours Worked per Week
- Average hourly earnings in November for all employees increased another $.08 to $31.03, directly following other large increases in the prior 6 months.
- Over the past 12 months, average hourly earnings have increased by 4.8%.
- In November, average hourly earnings of private-sector production and nonsupervisory employees rose by $.12 up to $26.40.
PANDEMIC AFFECTS
The unemployment rate is surprisingly down from the high from April 2020. The rate remains above the pre COVID-19 mark from February 2020, with a 3.5% unemployment rate and 5.7 million unemployed.
In November, 3.6 million individuals lost employment or business due to the pandemic-related business consequences. This includes those that did not work at all or worked fewer hours at some point in the 4 weeks preceding the pandemic.
Among those who reported that they were unable to work because of pandemic-related closures or lost business in the past 2 months, 15.8% received at least some pay from their employer for the hours not worked.
Among those not in the labor force in November, 1.2 million were prevented from looking for work due to the pandemic. This is down from 1.3 million in October.
EMPLOYMENT EXPERTS
Search Solution Group is composed of industry experts with decades of expertly trained headhunters, recruiters, and an overflowing network of top-level talent. SSG has a team of subject matter experts with an unmatched ability to understand and execute the latest trends and market fluctuations to customize each client and candidate to their exact needs.
Utilizing an extensive and carefully crafted database of talent, Search Solution Group utilizes a rigorous vetting process to identify perfectly matched placements, thus establishing an impressive track record of unparalleled success.
To learn more from Search Solution’s expertly trained team or implement any job analysis trends into your business strategy, please reach out to Jeremy Gnozzo at jeremy@ssgresume.com or contact the Search Solution Group website.
