The November 2024 Jobs Report saw the unemployment rate increase slightly to 4.2% from 4.1% the month prior. According to the most recent report released by the Bureau of Labor Statistics (BLS), non-farm payrolls increased by 227,000, which was more than expected. The number of unemployed people changed little to 7.1 million in November from 7.0 million in October.
Monthly job growth averaged 186,000 so far in 2024.
The unemployment rate for college-degreed professionals 25 years and older decreased slightly from 2.5% in October to 2.4% in November. Job seekers with some college or an associate degree saw an increase in unemployment from 3.4% in October to 3.6% in November.
Health care, leisure and hospitality, government, and social assistance saw notable job gains in November. In November, job creation picked up again after nearly stalling the previous month, as the effects of a major labor strike and intense storms in the Southeast subsided.
Jobs added by industry:
- Health Care: 54,000 jobs added
- Leisure and Hospitality: 53,000 jobs added
- Government: 33,000 jobs added
- Transportation: 32,000 jobs added
- Social Assistance: 19,000 jobs added
Wage growth rose by 13 cents in November 2024
According to the report, average hourly earnings for all employees on private nonfarm payrolls rose by 13 cents or 0.4% to $35.61. Over the past 12 months, average hourly earnings have increased by 4.0%.
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Source: BLS, CNBC
