Market Updates
U.S. Economy Adds 263K Net New Jobs In November
Brian Turner
02 Dec, 2022
New York City
The U.S. economy added 263,000 net new jobs in November and the unemployment rate was unchanged at 3.7%, the U.S. Bureau of Labor Statistics reported Friday.
Leisure and hospitality, health care, and government led the net job gains but employment declined in retail trade and in transportation and warehousing.
Both the labor force participation rate, at 62.1%, and the employment-population ratio, at 59.9%, were little changed in November and have shown little net change since early this year.
These measures are each 1.3 percentage points below the levels in February 2020, prior to the coronavirus pandemic, the report noted.
Monthly job growth has averaged 392,000 so far in 2022, compared with 562,000 a month in 2021.
In November, average hourly earnings for all employees rose by 18 cents or 0.6% to $32.82 and extended gains to 5.1% over the last twelve months.
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