Surprising Job Growth in November: USA Exceeds Expectations with 199,000 New Positions
According to the payroll data released on Friday by the Department of Labor, the United States of America created 199,000 non-agricultural job openings in November, exceeding analysts’ expectations. The consensus Refinitiv estimate was 180,000 new positions, but the actual number turned out to be higher. Projetos Broadcast reported that, based on estimates from 26 analysts interviewed, 198,000 jobs were created in the USA last month.
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The unemployment rate also showed improvement, falling from 3.9% in October to 3.7% in November. However, this fall fell short of analysts’ expectations, who were hoping for stability. The number of unemployed individuals decreased from 6.506 million in October to 6.291 million in November.
Another positive aspect of November’s payroll report was the rise in average hourly wages. The average hourly wage for all employees on non-agricultural private payrolls in the US increased by 12 cents, or 0.4%. On a 12-month basis, average earnings per hour rose by 4.0%. This increase in wages is a welcome sign for American workers and indicates a strong labor market.
It is worth mentioning that market expectations were influenced by other studies published earlier in the week, such as Jolts and ADP, which pointed towards a decline in the US labor market. However, the payroll data released by the Department of Labor contradicted these studies and showed a positive trend in job creation.
Additionally, the return to work of 16,000 members of the SAG-AFTRA union and the end of strikes by 25,300 members of the UAW automotive union also had an impact on the payroll data. It is important to note that suspended workers are not included in the payroll count, so their return to work contributed to the overall increase in jobs.
Despite surpassing expectations, the employment growth in November fell short of the average monthly gain of 240,000 jobs over the previous 12 months. However, it is important to consider the unique circumstances surrounding November’s data, such as the impact of the strikes and the exclusion of suspended workers.
Interestingly, the manufacturing industry saw an increase in employment due to the return of striking workers. This, in combination with growth in the retail sector, contributed to the overall positive job creation in November. The government and healthcare sectors, on the other hand, remained relatively stable in terms of employment.
In conclusion, the United States of America experienced a stronger job market in November than expected. The number of non-agricultural job openings surpassed the analysts’ estimates, and the unemployment rate improved. Moreover, there was an increase in average hourly wages, indicating positive growth in the labor market. Despite falling short of the average monthly gain over the previous 12 months, November’s job creation showcased a positive trend in various sectors, including manufacturing and retail.
