Employment Summary for November 2020
The U.S. economy added 245,000 non-farm jobs in November, below the 410,000-job growth forecast by economists. The unemployment rate edged down to 6.7 percent. While November is the seventh consecutive month of both job growth and unemployment rate improvement, the pace of that improvement has moderated reflecting the ongoing coronavirus and efforts to contain it.
The Bureau of Labor Statistics (BLS) reported in November, notable job gains occurred in transportation and warehousing, professional and business services, and healthcare. Employment declined in government and retail trade.
The BLS reported in November, 21.8 percent of employed persons teleworked because of the coronavirus pandemic, up from 21.2 percent in October. These data refer to employed persons who teleworked or worked at home for pay at some point in the last four weeks specifically because of the pandemic.
As reported by the BLS, employment in transportation and warehousing rose by 145,000 in November. Employment rose by 82,000 in couriers and messengers and by 37,000 in warehousing and storage; since February, employment in these industries has increased by 182,000 and 97,000, respectively. Job growth also occurred over the month in truck transportation (+13,000).
In November, employment in professional and business services increased by 60,000, with about half the gain occurring in temporary help services (+32,000). Job growth also occurred in services to buildings and dwellings (+14,000).
Healthcare added 46,000 jobs in November, with gains occurring in offices of physicians (+21,000), home healthcare services (+13,000), and offices of other health practitioners (+8,000). Nursing care facilities continued to lose jobs (-12,000). Overall, there are 527,000 fewer healthcare jobs than February.
Construction gained 27,000 jobs in November. Employment rose in residential specialty trade contractors (+14,000) and in heavy and civil engineering construction (+10,000).
In November, manufacturing employment increased by 27,000. Job gains occurred in motor vehicles and parts (+15,000) and in plastics and rubber products (+5,000).
Financial activities added 15,000 jobs in November. Gains occurred in real estate (+10,000) and in nondepository credit intermediation (+8,000). Financial activities have added 164,000 jobs over the past 7 months, but employment in the industry is 115,000 lower than in February.
Employment in wholesale trade continued to trend up in November (+10,000). Government employment declined for the third consecutive month, decreasing by 99,000 in November.
Employment in leisure and hospitality changed little in November (+31,000) but is down by 3.4 million since February. Arts, entertainment, and recreation added 43,000 jobs in November, while employment in food services and drinking places changed little (-17,000). Employment in other major industries, including mining, information, and other services, also showed little change in November.
PrincetonOne continues to see an increase in the number of new searches we are conducting as well as a better comfort level with clients and candidates who have adjusted to virtual interviewing. In the past, December would tend to see a slower process due to the holidays, but we are confident that the hiring process will actually continue to move at a pace similar to the rest of the year due to the ease of which everyone is able to conduct virtual interviews.
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