November National Job Update
November brought the 2nd lowest amount of jobs recorded in 2021, but the unemployment rate is on a steady decline. What does this mean for the current state of the economy? Here is an in depth look of what happened in November.
210,000 jobs were added in November nationwide, near a record low for 2021 and more than a 50% decrease compared to October which brought 531,00 jobs. Economists had expected the number to be above half a million for the second straight month according to The New York Times. The number of new jobs was far below expectations, but another report from The New Times shows that the economy is still on the right track. Unemployment claims for the week ending on Nov. 20 fell to 199,000, which was their lowest point since 1969. With the Holidays coming up there is high hopes that businesses will raise pay and offer hefty perks/compensation for potential candidates. Will this lower the unemployment rate even more? Will the US see the highest batch of jobs added in December? Sudina will cover all the insights for the coming month!
The unemployment rate fell again to 4.2% from 4.6% in October. The lowest unemployment rate since the beginning of 2021. With many jobs up for grabs, wage growth has closely followed. According to the Bureau of Labor Statistics the average hourly earnings for workers were up 8 cents in November, to $31.03, and are 4.8 percent higher than a year ago, according to the report that came out last Friday. This is a direct correlation to the decrease in the unemployment rate, and if the average hourly earnings keep increasing, the unemployment rate may keep falling as well. Be on the lookout next month for another update!
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