November Jobs Report: U.S. Adds 227,000 Jobs

In November 2024, the U.S. labor market rebounded with a solid addition of 227,000 jobs, following a lackluster 36,000 jobs added in October (revised up from 12,000).

The surge suggests renewed momentum as the economy continues to navigate labor disruptions and broader uncertainties.

The unemployment rate inched up to 4.2% from October’s 4.1%, reflecting a slight increase in the number of unemployed people.

Is the U.S. Job Market Growing?

November’s stronger job gains demonstrate a recovery in hiring activity across several key sectors, notably healthcare, leisure and hospitality, and government. The return of striking workers in the transportation equipment manufacturing sector also bolstered overall gains.

However, the retail trade sector showed signs of strain, losing 28,000 jobs in November, which may point to challenges in consumer spending and seasonal adjustments. The unemployment rate’s slight rise further suggests a complex labor market environment heading into the final months of the year.

U.S. Unemployment Rates by Group

• Adult women: 3.9% (up from 3.6%)
• Adult men: 3.9% (unchanged)
• Teenagers: 13.2% (down from 13.8%)
• Whites: 3.8% (unchanged)
• Blacks: 6.4% (up from 5.7%)
• Asians: 3.8% (down from 3.9%)
• Hispanics: 5.3% (up from 5.1%)

Key Employment Statistics for November 2024

• The number of long-term unemployed (jobless for 27 weeks or more) rose slightly to 1.7 million, accounting for 23.2% of all unemployed people.
• Part-time employment for economic reasons edged down to 4.5 million, compared to 4.6 million in October.
• Average hourly earnings for all employees on private nonfarm payrolls increased by 13 cents to $35.61, marking a year-over-year increase of 4.0%.

Sectors with Notable Job Trends in November

Healthcare

Healthcare added 54,000 jobs, driven by gains in home health care services (+16,000), hospitals (+19,000), as well as nursing and residential care facilities (+12,000).

Leisure and Hospitality

The leisure and hospitality sector bounced back with 53,000 jobs added, largely in food services and drinking places (+29,000).

Government

The government sector continued its upward trend, adding 33,000 jobs, with state government leading the growth (+20,000).

Transportation Equipment Manufacturing

The return of striking workers contributed to a 32,000 job increase in transportation equipment manufacturing, boosting overall manufacturing numbers.

Social Assistance

The social assistance sector added 19,000 jobs, with growth concentrated in individual and family services (+17,000).

Retail Trade

Retail trade lost 28,000 jobs, with declines in general merchandise retailers (-15,000) offset slightly by gains in electronics and appliance retailers (+4,000).

November Jobs Report Summary

November’s jobs report paints a picture of recovery, with robust gains in healthcare, leisure and hospitality, and government.

The U.S. job market’s ability to sustain this growth will depend on mitigating economic challenges and navigating evolving workforce dynamics.