In November, total employment increased by 211,000 jobs. Bloomberg recently reported that U.S. stocks surged the most in almost three months and the dollar rebounded as jobs data has reinforced optimism that the economy is robust enough to withstand higher interest rates. In this jobs report, signs of that robust economy are most noticeable in construction, professional and technical services, healthcare, food services and drinking places, and retail trade. The exact numbers are as follows.
Construction: Employment rose by 46,000 jobs, much of that represented by residential specialty trade contractors, which saw an increase of 26,000 jobs.
Professional and Technical Services: This sector added 28,000 jobs in November, with the major categories being:
- Accounting and bookkeeping services, which increased by 11,000 jobs.
- Computer systems design and related services, which increased by 5,000 jobs.
Healthcare: Increased by 24,000 jobs over the month, with hospitals seeing the most gain at an increase of 13,000 jobs.
Food Services / Drinking Places: Increased by 32,000 jobs in November.
Retail Trade: Employment increased in November by 31,000 jobs. Areas that saw the greatest increase were:
- Merchandise stores, which increased by 12,000 jobs.
- Motor vehicle and parts dealers, which increased by 9,000 jobs.
Employment in other major industries, including manufacturing, wholesale trade, transportation and warehousing, financial activities, and government, changed little over the month.
The average workweek for all employees decreased slightly to 34.5 hours in November and factory overtime held steady at 3.2 hours. Average hourly earnings rose by 4 cents to $25.25. (Over the year, earnings have risen by 2.3%) The unemployment rate held at 5.0%.
According to a recent Field Nation study, 70% of enterprises expect their contingent workforce to grow steadily in the next 12 months. If your company is likewise considering the addition of temporary or contract workers, reach out to one of our Nelson representatives. They’ll be happy to help you make sure your workforce composition is where it should be for maximum return on investment.