The November 2021 Employment Report was a mixed bag between disappointing employment growth and a steady decline in the unemployment rate.
However, despite a number of embarrassing headlines, most sectors of the US economy were added to their salaries last month, with professionals and business services leading the profits.
The industry has about 90,000 people in November, thanks to the strong employment of business consultants (12,000), accountants (7,600), caretakers, landscapers, pest control workers and other construction service workers (10,400). Increased employment.
The transportation and warehousing industry also gained 49,700 jobs in November as millions of Americans shopped online shortly before the holiday season. Couriers and messengers, workers who receive and deliver packages and mail, surged 26,800 jobs last month, and warehouses and storage facilities increased by 8,800.
Food manufacturers that turn products such as sugar cane and livestock into ready-to-use products won 7,400 positions in November, helping them lead the wider manufacturing industry. The entire manufacturing industry added 31,000 jobs last month.
Thanks to widespread employment, construction in November also increased by 31,000. Last month, construction workers, civil engineers and professional traders all increased their employment.
The November report continued to show strong demand for commodities among US consumers, but the service side of the economy showed a more complex situation.
The Leisure and Hospitality sector, which tends to increase or decrease based on the prevalence and severity of Covid-19 cases, added 23,000 last month. This is in stark contrast to the sector’s salary increase of 170,000 in October and the increase in salary of 108,000 from September.
Leisure and hospitality have added 2.4 million jobs so far in 2021, while industry jobs have fallen by 1.3 million, or 7.9%, since February 2020.
Retailers, who often see increased hiring in the two months leading up to the holiday season, have actually lost their jobs. The industry recorded a net loss of over 20,000 positions last month with significant losses in clothing stores (down 17,700) and department stores (down 7,500).
Given the low number of cases reported so far in the United States, it is unlikely that the emergence of Omicron variants had a significant impact on these sectors.
Some economists have suggested that the slowdown in leisure and hospitality is likely the result of tight labor markets and newly discovered profitability among cooks, waiters and other restaurant workers. bottom.
Gus Faucher, Chief Economist at PNC Financial, said:
Wage growth was particularly strong in the leisure and hospitality sectors. The average hourly wage of all private salaries increased by 0.26% from October to November, while the hourly wage of workers in the leisure and hospitality sector increased by 0.84%.
— — CNBC’s Nate Rattner contributed to the report.
Jobs for November 2021 are here — in one chart
Source link Jobs for November 2021 are here — in one chart
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