The unemployment rate in the United States held steady in November, standing at 3.7 percent, according to figures released this Friday by the U.S. Department of Labor’s Bureau of Labor Statistics. This reading keeps the jobless rate near the low point seen before the Covid-19 disruption, when unemployment briefly touched 3.5 percent, the lowest in many decades.
During November, the labor market continued its pattern of solid job creation, even as the Federal Reserve had been raising interest rates in recent months. Nonfarm payrolls rose by 263,000, continuing a positive trajectory after October’s gain of 284,000. The overall payroll level reached 153.548 million nonfarm workers, which is about 1.044 million above the February 2020 level that preceded the pandemic’s impact on the economy.
The count of unemployed individuals who had been jobless for 27 weeks or longer increased by 65,000, bringing the long-term unemployed to approximately 1.23 million. Their share of total unemployment rose to 20.6 percent. In contrast, the total number of unemployed people, including those who are unemployed but not currently in the labor force, declined by 48,000 to 6.011 million in November.
Breaking down the unemployment figures by demographic groups, adult men experienced a rise in the jobless rate to 3.4 percent, up by one tenth of a point, while the rate for adult women edged down to 3.3 percent, a decrease of one tenth. For youth, the 16 to 19 age group posted an unemployment rate of 11.3 percent, up by about three tenths from the previous month.
In terms of employment dynamics, most of the net job gains in November occurred in the private and public sectors collectively, with a total of 221,000 additional positions created. Within industries, leisure and hospitality led the way with an 88,000 increase, followed by education and health services which expanded by 82,000, and construction which added 20,000 jobs. On the other hand, retail trade reduced payrolls by nearly 30,000 positions, reflecting ongoing adjustments in that sector.
The typical work week edged down slightly, averaging 34.4 hours. Meanwhile, earnings rose, with median hourly earnings increasing by 18 cents to reach $32.82. The Bureau also revised previous months. September payrolls were adjusted downward by 46,000 to 269,000, while October payrolls were revised upward by 23,000 to 284,000, refining the overall trend in payroll growth for the autumn period.
These data points collectively paint a portrait of a resilient U.S. labor market. While the unemployment rate remained low and wage growth continued, the breadth of job gains showed strength across many industries, signaling ongoing demand for workers in a recovering economy. As the Federal Reserve contends with inflation dynamics, these labor market results will influence future policy steps and expectations regarding employment momentum in the coming months.