The November 2023 Jobs Report saw the unemployment rate edge down to 3.7% from 3.8% the month prior.
According to the most recent report released by the Bureau of Labor Statistics (BLS), payroll employment increased by 199,000, and the number of unemployed people also edged down from 6.4 million in October to 6.3 million in November.
Monthly job growth averaged 240,000 so far in 2023.
The unemployment rate for college-degreed professionals 25 years and older remained unchanged at 2.1%. Job seekers with some college or an associate degree saw a decrease in unemployment from 3.1% in October to 2.8% in November.
Health care and government saw notable job gains in November. Employment also increased in manufacturing, reflecting the return of workers from a strike.
Jobs added by industry:
- Health Care: 77,000 jobs added
- Government: 49,000 jobs added
- Manufacturing: 28,000 jobs added
- Manufacturing: 28,000 jobs added
- Social Assistance: 16,000 jobs added
Wage growth rose by 12 cents in November 2023.
According to the report, average hourly earnings for all employees on private nonfarm payrolls rose by 12 cents or 0.4% to $34.10. Over the past 12 months, average hourly earnings have increased by 4.0%.
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Source: BLS
