November 2021 BLS Update: The U.S. economy added 210,000 jobs, according to the latest report by the Bureau of Labor Statistics (BLS). The unemployment rate edged down to 4.2% from 4.6% the month prior. Notable job gains occurred in professional and business services, transportation and warehousing, construction, and manufacturing. Employment in retail trade declined over the month.
The U.S. has recovered 18.4 million, or 82%, of the 22.4 million jobs lost during the spring of 2020. That leaves the nation about 4 million jobs below pre-pandemic levels.
Key Highlights From the Latest BLS Report
- With 6.9 million currently unemployed, the unemployment rate is now at 4.2%, 0.4% lower than the month prior.
- The labor force participation rate edged up to 61.8% in November (1.5 percentage points lower than in February 2020)
- For college-degreed workers aged 25 and over, the unemployment rate edged down slightly from 2.4% to 2.3% in November.
- For those with some college or an associate degree, the unemployment rate saw a drop from 4.4% to 3.7%.
- Notable job gains occurred in professional and business services, transportation and warehousing, construction, and manufacturing. Employment in retail trade declined over the month.
Jobs Added by Industry
- Professional and Business Services added 90,000 jobs
- Transportation and Warehousing added 50,000 jobs
- Leisure and hospitality added 23,000 jobs
- Financial activities added 13,000 jobs
- Manufacturing added 32,000 jobs
- Construction added 31,000 jobs
Between the Great Resignation coupled with the high demand for workers in the current labor market, the battle for talent is real. How are you managing? Schedule a 1:1 chat with us to discuss your needs. Find your nearest branch today!