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November Employment Report: 210 thousand Jobs, 4.2% Unemployment Rate

by Calculated Risk on 12/03/2021 08:40:00 AM

From the BLS:

Total nonfarm payroll employment rose by 210,000 in November, and the unemployment rate
fell by 0.4 percentage point to 4.2 percent, the U.S. Bureau of Labor Statistics reported
today. Notable job gains occurred in professional and business services, transportation
and warehousing, construction, and manufacturing. Employment in retail trade declined over
the month.

The change in total nonfarm payroll employment for September was revised up by 67,000,
from +312,000 to +379,000, and the change for October was revised up by 15,000, from
+531,000 to +546,000. With these revisions, employment in September and October combined
is 82,000 higher than previously reported.
emphasis added

Click on graph for larger image.

The first graph shows the year-over-year change in total non-farm employment since 1968.

In November, the year-over-year change was 5.8 million jobs. This was up significantly year-over-year.

Total payrolls increased by 210 thousand in November. Private payrolls increased by 235 thousand, and public payrolls declined 25 thousand.

Payrolls for September and October were revised up 82 thousand, combined.

The second graph shows the job losses from the start of the employment recession, in percentage terms.

The current employment recession was by far the worst recession since WWII in percentage terms. However, the current employment recession, 20 months after the onset, is now significantly better than the worst of the “Great Recession”.

The third graph shows the employment population ratio and the participation rate.

The Labor Force Participation Rate was increased to 61.8% in November, from 61.6% in October. This is the percentage of the working age population in the labor force.

The Employment-Population ratio increased to 59.2% from 58.8% (black line).

I’ll post the 25 to 54 age group employment-population ratio graph later.

The fourth graph shows the unemployment rate.

The unemployment rate decreased in November to 4.2% from 4.6% in October.

This was well below consensus expectations; however, August and September were revised up by 82,000 combined.

I’ll have more later …

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