November 2020 Jobs Report: Unemployment Rate Edges Down to 6.7%

By Robert Half on December 4, 2020 at 8:05am

Employers added 245,000 jobs in November 2020, according to the latest jobs report from the Bureau of Labor Statistics (BLS). This marks the seventh consecutive month of job growth, though November’s total was the lowest monthly gain since the recovery began in May.

The BLS also revised the figures for September and October, noting that those two months collectively saw 11,000 more positions added than previously reported.

The transportation and warehousing sector added the most jobs in November, with 145,000 positions. These sectors also reported job growth last month:

  • Professional and business services: 60,000 jobs added
  • Education and health services: 54,000 jobs added
  • Leisure and hospitality: 31,000 jobs added
  • Construction: 27,000 jobs added
  • Manufacturing: 27,000 jobs added

Unemployment rate drops slightly to 6.7%

The national unemployment rate was 6.7% in November, down from 6.9% in October. 

Last month’s unemployment rate for college-degreed workers was unchanged from October, at 4.2%. These professionals are the most highly sought-after job candidates.

What employers need to know

Your team has been working hard these past several months, and there’s a strong chance at least some of them are feeling overworked and losing steam. 

Research by our company found that over a third of workers are more burned out today compared to a year ago. Of those respondents, 30% said a fuller plate was the top reason for rising levels of fatigue. 

What can you do to support your team, especially now, when you’re probably facing an end-of-year crunch? Hiring seasonal workers is one strategy. Many companies turn to skilled interim professionals for assistance during those times of year when workloads spike or staff members take vacation. 

Temporary professionals can help ease the pressure on your core team while keeping critical projects moving forward. And through Robert Half, you can find skilled professionals to work remotely or on-site, depending on your needs.

What job seekers need to know

The end of the year shouldn’t bring your job search to a halt. You might think employers suspend their hiring efforts during the holiday season. But many companies remain in hiring mode through the end of the year, as they use remaining budget and look to staff critical roles for initiatives planned for 2021. In fact, there are 6.4 million job openings, according to the most recent data from the BLS.

That said, most employers remain selective when adding new employees. So when meeting with hiring managers, you’ll want to highlight the value you can bring to the organization. Emphasize how you have made a difference at other companies. And be prepared to explain clearly why you’re interested in this job and being a part of this company. 

Consider working with a recruiter as you make your year-end push to find a new job. A staffing specialist with knowledge of your industry can help you cover more ground and even turn up opportunities that may still be under the radar. 

Robert Half’s recruiters can help connect you with remote and on-site jobs in your local market — or even beyond. Even better: They advocate for you during the job search process, so an employer can see your potential even more clearly — and you can find a new position that aligns well with your skills, experience and career goals.

An infographic summarizing the November 2020 jobs report and survey data from Robert Half

NOVEMBER 2020 U.S. BUREAU OF LABOR STATISTICS MONTHLY JOBS SUMMARY

245,000 JOBS ADDED*

6.7% UNEMPLOYMENT RATE*

4.2% UNEMPLOYMENT RATE UNEMPLOYMENT RATE FOR COLLEGE GRADS*/**

UNEMPLOYMENT RATE OVER THE PAST 12 MONTHS*

    Unemployment Rate Unemployment Rate for College Grads
 
  December '19 3.5% 1.9%
  January '20 3.6% 2.0%
  February '20 3.5% 1.9%
  March '20 4.4% 2.5%
  April '20 14.7% 8.4%
  May '20 13.3% 7.4%
  June '20 11.1% 6.9%
  July '20 10.2% 6.7%
  August '20 8.4% 5.3%
  September '20 7.9% 4.8%
  October '20 6.9% 4.2%
  November '20 6.7% 4.2%

*Source: Bureau of Labor Statistics

 

**College-degreed workers 25 and older

See what these results mean for job seekers and employers at roberthalf.com/blog.

 

ON-THE-JOB EXHAUSTION SETTING IN FOR SOME

34% of workers are more burned out on the job today compared to a year ago.

Source: Robert Half survey of more than 2,800 workers in the U.S.

© 2021 Robert Half. An Equal Opportunity Employer M/F/Disability/Veterans.

roberthalf.com

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