December 7, 2018

November 2018 Jobs Report

Unemployment Rate: 3.7 percent

Jobs Created: 155,000

Employment and Unemployment

  1. The Department of Labor reported the unemployment rate remained at 3.7 percent in November, the same as the previous two months. It is the lowest rate in 49 years.

  2. Nonfarm jobs grew by 155,000 in November. Sectors with gains include manufacturing (27,000), health care (32,000), and transportation and warehousing (25,000).

  3. The U.S. has created more than 2.2 million new jobs since the Tax Cuts and Jobs Act became law.

  4. The U-6 rate, a measure of unemployed and underemployed workers, was 7.6 percent. By this measure, 12.5 million Americans are unemployed. They include people who are unemployed (6.0 million), want work but have not looked for a job recently (1.7 million), or who are working part time because they cannot find full-time jobs (4.8 million).

  5. The number of long-term unemployed, those unemployed for 27 weeks or more, fell to 1.3 million, down 340,000 from a year ago. They account for 20.8 percent of the unemployed.

  6. The unemployment rate for people with only a high school diploma is 3.5 percent, a level last seen 18 years ago. For those with less than a high school diploma, the rate is 5.6.

Labor Force Participation

  1. The labor force participation rate, the share of people employed or looking for work, is 62.9 percent, the same as October and below the pre-recession rate of 66 percent.

Wages

  1. In November, average hourly earnings for all employees on private nonfarm payrolls increased by 6 cents to $27.35. This marks a 3.1 percent increase from a year ago.

Issue Tag: Labor