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%.
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Sources: BLS, CNBC.