Employers expanded payrolls by 199,000 jobs in November, according to the latest jobs report from the Bureau of Labor Statistics (BLS). This figure is above analysts’ projections of about 185,000 jobs. The latest jobs report also notes that new job creation in September and October was lower than previously reported — by 35,000 positions.
Employers in private education and health services reported robust payroll expansion last month, adding 99,000 jobs. The government and leisure and hospitality sectors experienced solid job growth last month as well — adding 49,000 jobs and 40,000 jobs, respectively. The BLS reports that these industries also saw job gains in November: Manufacturing: 28,000 jobs addedInformation: 10,000 jobs addedWholesale trade: 8,300 jobs addedFinancial activities: 4,000 jobs added Some industries experienced payroll contraction last month, including retail trade. Employment in that sector decreased by 38,400 jobs in November.
The November jobs report from the BLS shows that the national unemployment rate was 3.7% last month, down from 3.9% in October. Analysts had projected that the rate would hold steady. For the third consecutive month, the unemployment rate for college-degreed workers who are 25 or older — the professionals most highly sought-after by many employers — was 2.1%.
According to the latest Job Openings and Turnover Summary (JOLTS) from the BLS, job openings were at 8.7 million in October, down from 9.7 million in September and the same level as August. Employers have generally been taking a measured approach to hiring in 2023. But the level of job openings remains high, suggesting that many organizations have critical projects on the horizon and are prioritizing business needs. New research from Robert Half indicates that the job market will remain resilient heading into 2024. More than half (57%) of managers with hiring responsibilities across several major industries responding to our State of U.S. Hiring Survey said they plan to add new, permanent positions in the first six months of the year. Another 39% anticipate hiring for vacated roles. Additionally, 67% of managers said they expect to hire contract workers as part of their staffing strategy. Robert Half’s research found that the key driver influencing hiring decisions is anticipated company growth in the first half of 2024. Two-thirds (66%) of the managers we surveyed cited this as the reason for expanding payrolls. Many businesses (77%) also anticipate they will resume projects delayed in 2023. View our State of U.S. Hiring infographic to see a breakdown of companies’ projected hiring plans by profession and city for the first six months of 2024.
The 2024 Salary Guide From Robert Half features exclusive data and input from employers and workers, and from our recruiters who staff tens of thousands of jobs each year. Our guide is designed to be a go-to resource on the latest hiring and compensation trends for both employers and job seekers. Even better: Our guide is free, and you can view it right now on our website. Read the 2024 Salary Guide For further analysis of the latest jobs report from the BLS and U.S. employment trends, see this video from Robert Half Operational President, Dawn Fay. WATCH VIDEO NOW