December 4, 2020

November 2020 Jobs Report

Unemployment Rate: 6.7 percent

Jobs Created: 245,000

Employment and Unemployment          

  1. The Department of Labor reported the unemployment rate fell 0.2 percentage point to 6.7% in November.

  2. Nonfarm jobs increased by 245,000 in November, the seventh consecutive month of job gains.

  3. In September and October combined, net job creation was higher than initially reported. The department revised the change in nonfarm jobs for those months up by a net 11,000 jobs.         

  4. The U-6 unemployment rate, a broader measure that includes part-time and discouraged workers, edged down by 0.1 percentage point to 12% in November.

  5. DOL bases monthly jobs reports on a survey of businesses and a survey of households. The survey data relate to the pay period or calendar week containing the 12th day of the month. The report generally will not reflect labor market changes near the end of the month.

  6. The number of new coronavirus cases in the U.S. rose quickly in November. By the middle of the month some states had set new restrictions on certain businesses and gatherings and issued stay-at-home advisories. During the second half of the month, additional states reinstated restrictions and issued curfews or advisories to stay home as much as possible.

Labor Force Participation

  1. The labor force participation rate, the share of people employed or looking for work, ticked down by 0.2 percentage point to 61.5%.

Wages

  1. In November, average hourly earnings for all employees in private nonfarm jobs increased by $0.09 to $29.58.

Issue Tag: Labor