Job Market

November 2022 Job Report: U.S. Economy Added 263,000 Jobs

The November 2022 Jobs Report saw the unemployment rate remain unchanged at 3.7%. According to the most recent report released by the Bureau of Labor Statistics (BLS), payroll employment increased by 263,000, which was above economists’ predictions of 200,000, and the number of unemployed people was unchanged at 6.1 million.

Monthly job growth has averaged 392,000 so far in 2022, compared to 562,000 per month in 2021.

The unemployment rate for college-degreed professionals 25 years and older saw a slight increase from 1.9% in October to 2.0% in November. Job seekers with some college or an associate degree saw an increase in unemployment from 3.0% in October to 3.2% in November.

Leisure and hospitality, health care, and government saw notable job gains in November.

Jobs added by industry:

  • Leisure and Hospitality: 88,000 jobs added
  • Health Care: 45,000 jobs added
  • Government: 42,000 jobs added
  • Social assistance 23,000 jobs added
  • Information: 19,000 jobs added
  • Manufacturing: 34,000 jobs added
  • Financial Activities: 14,000 jobs added

Wage growth rose by 18 cents in November 2022

According to the report, average hourly earnings for all employees on private nonfarm payrolls rose by 18 cents or 0.6% to $32.82. Over the past 12 months, average hourly earnings have increased by 5.1%, also exceeding economists’ expectations of 4.6%.

Learn more about the hiring market and salary trends with our free 2023 Management Resource & Salary Guides.

Whether it’s administrative, legal, technology or finance and accounting staff, how can you attract and retain the best employees in today’s complex employment market? Get insights and information on the trends that will impact hiring and how you can become an employer of choice – plus the latest salary data for markets throughout the U.S. Contact one of our locations to set up a complimentary consultation.

Visit our website to learn more about Roth Staffing Companies including Ultimate Staffing, Ledgent Finance & Accounting, Ledgent Technology, Adams & Martin Group and About Talent and how we can be a resource to you for your administrative, office support, accounting and finance, legal, and technology staffing and recruitment needs.

Sources: BLS, CNBC.