Employment Recap: November 2024

The November job market demonstrated resilience, with significant employment gains in industries like health care, leisure and hospitality, and government. Despite challenges in retail trade, the overall labor force showed stability, signaling adaptability in a shifting economy.

Here’s a recap of the November employment situation from the recent BLS Employment Situation Summary released on Friday, Dec 6, 2024:

Unemployment Rate: Slight Uptick to 4.2%

The national unemployment rate increased slightly to 4.2% in November, with 7.1 million people unemployed. This is higher than last year when the unemployment rate was 3.7%. Long-term unemployment remained steady at 1.7 million.

Jobs Added: +227,000

November saw a strong increase of 227,000 jobs, rebounding from a slower pace in October (+36,000).

Key growth sectors:

• Health Care: +54,000
• Leisure & Hospitality: +53,000
• Government: +33,000
• Transportation Equipment Manufacturing: +32,000

Labor Force Participation Rate: Stable at 62.5%

The labor force participation rate remained unchanged at 62.5%, staying within its narrow range for the past year. The employment-population ratio held at 59.8%, reflecting steadiness in workforce engagement. The average workweek remained around 34.3 hours.

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This summary provides a snapshot of the key changes in the labor market from October to November 2024. For more raw data and further information, you can visit the Bureau of Labor Statistics (BLS) website at www.bls.gov 

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