HomeRetirementNovember 2023 Employment Report: Unemployment Dips, Sectors Surge, and Earnings Rise

November 2023 Employment Report: Unemployment Dips, Sectors Surge, and Earnings Rise

The U.S. Bureau of Labor Statistics (BLS) report for November 2023 provides key insights into the employment situation in the United States. Here’s a summary of the information:

Key Indicators

  • Total nonfarm payroll employment increased by 199,000 in November 2023.
  • The unemployment rate edged down to 3.7 percent1.

Unemployment Rate

  • The unemployment rate decreased to 3.7 percent in November 2023, with the number of unemployed persons showing little change at 6.3 million.
  • Jobless rates for adult men, adult women, Whites, Blacks, Asians, and Hispanics showed little or no change over the month1.

Nonfarm Payroll Employment

  • Job gains occurred in health care, government, and manufacturing, reflecting the return of workers from a strike. However, employment in retail trade declined1.

Industry Sector Analysis

  • Employment in health care increased by 77,000 jobs, with gains in ambulatory health care services, hospitals, and nursing and residential care facilities.
  • Government employment increased by 49,000, with gains in local and state government.
  • Manufacturing added 28,000 jobs, primarily in motor vehicles and parts.
  • Employment in retail trade declined by 38,000 jobs, with decreases in department stores and furniture, home furnishings, electronics, and appliance retailers1.

Aggregate Weekly Hours and Payrolls

  • Average hourly earnings for all employees on private nonfarm payrolls rose by 12 cents, or 0.4 percent, to $34.10. Over the past 12 months, average hourly earnings have increased by 4.0 percent.
  • The average workweek for all employees on private nonfarm payrolls edged up by 0.1 hour to 34.4 hours in November 20231.

This information provides a comprehensive overview of the employment situation in the U.S. for November 2023, highlighting key changes in the unemployment rate, nonfarm payroll employment, and industry-specific employment trends

Read more on this: https://www.bls.gov/news.release/pdf/empsit.pdf

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