Employers created 210,000 jobs in November, including 7.6,000 in accounting
Employment rose 210,000 in November and the unemployment rate fell 0.4 percentage point to 4.2%, the US Bureau of Labor Statistics reported on Friday, but job gains fell. was well below economists’ expectations of 573,000 jobs, and a big slowdown of the 546,000 added in October.
The main job gains were in professional and business services, which increased by 90,000 jobs, including 7,600 jobs in accounting and bookkeeping services, as well as in the transportation and transportation industries. warehousing, construction and manufacturing. In contrast, employment in the retail trade sector declined in November. Average hourly wages rose 8 cents to $ 31.03.
The change in total non-farm payroll employment for September has been revised up by 67,000 from a gain of 312,000 to 379,000, and the change for October has been revised up by 15,000, from 531,000 to 546,000 jobs. Including these two revisions, employment in September and October combined was 82,000 higher than previously reported by the BLS.
The report says that even as unemployment declines, the pandemic is still holding back more job gains as Congress continues to wrangle over the tax provisions of the Biden administration’s proposed Build Back Better law.
“This month’s jobs report shows another month of steady job growth,” Representative Richard Neal, D-Massachusetts, chairman of the House Ways and Means Committee, said on Friday in a statement. communicated. “Combined with the recent positive revisions to past employment reports, it is clear that our economy is recovering. We still need to strengthen the return-to-work pathways for many women – especially women of color – and continue to encourage all eligible Americans to get vaccinated and boosted as soon as possible. Our economic recovery depends on our health, and with the omicron variant looming, now is the time to double down. The Senate needs to quickly pass the Build Better Act so that we can continue to move forward. Transformational legislation will lower taxes, lower costs for families and create well-paying jobs. “
However, Republicans remain uniformly opposed to the legislation, and some Senate Democrats continue to push for the bill to be amended, particularly regarding the controversial overturning of the deduction cap for imposed state and local taxes. by the Tax Cuts and Employment Act 2017.
“This is a miserable jobs report, there is no other solution,” said Rep. Kevin Brady, R-Texas, the top Republican on the House Ways and Means Committee. “And because of his mismanagement of the economy, President Biden is missing nearly a million jobs from his promises in his latest $ 2 trillion spending spree. The Senate should suspend all consideration of the $ 5,000 billion Build Back Better bill until the president demonstrates he can cure this economy, lower inflation and get Americans back to work.
Separately, CBIZ, one of the top 100 companies, published its monthly report Small Business Employment Index, which tracks payroll and hiring trends for more than 3,700 companies with 300 or fewer employees, Friday. He reported a seasonally adjusted drop of -0.25% in November, which is a reversal of the positive hiring growth seen in October and September.
The CBIZ SBEI found strong hires in the West region (3.15%) for the third consecutive month, possibly due to a delayed economic reopening following the impact of the Delta variant on the region. The Center region (0.02%) showed little change with almost flat growth. The South-East (-0.11%) and North-East (-0.07%) regions both experienced small but nominal declines.
In terms of hiring in the industry, the largest increases were seen in the arts and entertainment, non-profit, professional services and retail sectors. However, the agriculture, construction, financial services and technologies, and life sciences sectors experienced a decline in hiring.
“The drop in hiring seen in this month’s report is an expected seasonal trend,” CBIZ executive vice president Philip Noftsinger said in a statement on Friday. “We saw strong increases in hiring as businesses prepared for the holiday shopping season in September and October and the resulting stabilization in November. Strong regional growth in the West indicates that businesses continue to rebound after partial economic shutdowns resulting from the Delta variant. Small declines observed in the southeast and northeast are consistent with data trends over the past few months. “