Spherion Workforce Newsletter_Dec2019Spherion Workforce Newsletter_Dec2019
Job Growth Surges in November with 266,000 New Jobs Created
Unemployment Continues at Historic Low
JOB GROWTH: A November gain of 266,000 jobs registers well ahead of October’s
originally reported 128,000, even after calculating upward revisions for that
month and the one before that added a combined 41,000 jobs. The most recent
three-month average gain is now at 205,000 jobs.
TOP INDUSTRIES: Positive trends dominated across multiple sectors, with the best numbers reported in healthcare and in the professional and business services sector. Increases were also recorded for hospitality and manufacturing, where 50,000 striking autoworkers returned to work.
UNEMPLOYMENT: There was little change in the unemployment rate, although it shifted slightly from 3.6% to 3.5%.
WAGES: Wage growth continued its slow but steady forward momentum in November, with average hourly earnings for the year breaching the 3.0% barrier to reach 3.1%.
WORK WEEK: The work week was again unchanged, with average hours steady at 34.4.
TEMPORARY JOB TRENDS: Following an upward revision of a reported job loss in October, the temporary help sector recorded its fourth consecutive month of increases, with 4,800 new jobs created in November.
WHAT DOES IT ALL MEAN? Robust job growth continued in November, helped somewhat by the end of the strike that pulled 50,000 autoworkers out of the mix in October. Almost every sector registered job creation gains. Key takeaways: As we near year end, the economy is strong, despite lingering concerns about the global outlook and the potential impact of tariffs. Wage growth is positive, although still sluggish, which continues to put a damper on optimism about individual fiscal health. More people are returning to work; people are confident of their ability to land a better job and job mobility is brisk. The toughest job may be that of recruiter as employers still struggle to match candidates to open jobs in their ranks.
Sources: U.S. Bureau of Labor Statistics (BLS), Steinberg Employment Research, CNBC, USA Today, FOX Business, Staffing Industry Analysts, CNN, U.S. News & World Report, Forbes, Bloomberg