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Job Numbers in November Firm

Mon, December 05, 2022 12:34 PM | Anonymous

November job numbers increased some 263,000 new positions according to the latest Labor Department figures. (Well above the 130-150,000 estimated increase needed on a monthly basis to stay-up with growing demographics). The non-seasonally adjusted construction unemployment was 3.9 percent in November, consistent with seasonal work trends. [The new figure is up 0. basis points vs. Oct. ‘22 level; while being down by 1.8 points from last November 2021]. Construction employment continued to trend up in November (+20,000), with nonresidential building adding 8,000 jobs. Construction has added an average of 19,000 jobs per month thus far this year, little different from the 2021 average of 16,000 per month.     

The general unemployment remained at 3.7 percent. (“Unemployed persons” was reported at 6.0 million per the government count). The “labor force participation rate” was continued its slide over the last three months to 62.1 percent. [NOTE: The “labor force participation” rate “typically” works inversely to the overall unemployment figures. Meaning: as it deteriorates/gets worse or smaller, it actually is counted as improving unemployment (i.e., people leaving the workforce are no longer counted as unemployed by the DOL). The “employment to population ratio” experienced little changed at 59.9 percent. [Both measures haven’t reached their pre-Covid levels yet]. Average hourly earnings continued their long steady incremental climb, now standing at $28.10 for private sector production and nonsupervisory employees. 

SEE Workforce Statistics Chart

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