{"id":871,"date":"2020-12-16T15:18:21","date_gmt":"2020-12-16T19:18:21","guid":{"rendered":"https:\/\/mriomega.com\/?page_id=871"},"modified":"2023-07-05T03:29:32","modified_gmt":"2023-07-05T07:29:32","slug":"employment-situation-report","status":"publish","type":"page","link":"https:\/\/mriomega.com\/index.php\/clients\/employment-situation-report\/","title":{"rendered":"Employment Situation Report"},"content":{"rendered":"\n
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The U.S. economy added 245,000 non-farm jobs in November, below the \n410,000-job growth forecast by economists. The unemployment rate edged \ndown to 6.7 percent. While November is the seventh consecutive month of \nboth job growth and unemployment rate improvement, the pace of that \nimprovement has moderated reflecting the ongoing coronavirus and efforts\n to contain it.<\/p>\n\n\n\n

However, as noted by Wall Street Journal reporter Sarah Chaney Jones,\n current vaccine rollout plans will be a factor in future job growth, \n\u201cThe labor-market recovery from the pandemic\u2019s job destruction this spring has been stronger than \nmost economists forecast. Many expect widespread vaccine distribution to\n eventually help lift the economy as businesses are allowed to reopen \nand consumers feel more comfortable traveling, going to the movies and \nreturning to other in-person activities involving proximity to other \npeople.\u201d<\/p>\n\n\n\n

The Bureau of Labor Statistics (BLS) reported in November, notable \njob gains occurred in transportation and warehousing, professional and \nbusiness services, and healthcare. Employment declined in government and\n retail trade.<\/p>\n\n\n\n

\u201cWith this month\u2019s BLS Employment Situation report, the economy is \nonce again reflecting a broad-based underlying optimism bolstered by \nrecent COVID-19 vaccine announcements,\u201d said Bert Miller, president and \nCEO of MRI. \u201cMembers of our Network of over 300 executive recruitment \noffices sense a building momentum particularly in sectors like \nhealthcare, construction, financial services, and professional services \nas client firms intensify their search efforts for the top executive, \ntechnical, professional, and managerial talent who will lead the \nevolution of their business models into 2021.\u201d<\/p>\n\n\n\n

The BLS reported in November, 21.8 percent of employed persons \nteleworked because of the coronavirus pandemic, up from 21.2 percent in \nOctober. These data refer to employed persons who teleworked or worked \nat home for pay at some point in the last four weeks specifically \nbecause of the pandemic.<\/p>\n\n\n\n

Commenting on the November report, Sameer Samana, senior global market strategist at The Wells Fargo Investment Institute noted,\n \u201cWhile disappointing, this news should be somewhat offset by the \nincreasing odds of another fiscal stimulus package, and a Fed that \nstands ready and willing to do more to help the economy.\u201d<\/p>\n\n\n\n

Looking to future months, David Berson, chief economist at Nationwide Mutual Insurance Co. provided an additional optimistic outlook,\n \u201cAs infection rates go down, as the number of people vaccinated goes \nup, then we\u2019ll start to see \u2026 business activity expand at a faster rate,\n and we will see the employment numbers pick up more strongly.\u201d<\/p>\n\n\n\n

As reported by the BLS, employment in transportation and warehousing \nrose by 145,000 in November. Employment rose by 82,000 in couriers and \nmessengers and by 37,000 in warehousing and storage; since February, \nemployment in these industries has increased by 182,000 and 97,000, \nrespectively. Job growth also occurred over the month in truck \ntransportation (+13,000).<\/p>\n\n\n\n

In November, employment in professional and business services \nincreased by 60,000, with about half the gain occurring in temporary \nhelp services (+32,000). Job growth also occurred in services to \nbuildings and dwellings (+14,000).<\/p>\n\n\n\n

Healthcare added 46,000 jobs in November, with gains occurring in \noffices of physicians (+21,000), home healthcare services (+13,000), and\n offices of other health practitioners (+8,000). Nursing care facilities\n continued to lose jobs (-12,000). Overall, there are 527,000 fewer \nhealthcare jobs than February.<\/p>\n\n\n\n

Construction gained 27,000 jobs in November. Employment rose in \nresidential specialty trade contractors (+14,000) and in heavy and civil\n engineering construction (+10,000).<\/p>\n\n\n\n

In November, manufacturing employment increased by 27,000. Job gains \noccurred in motor vehicles and parts (+15,000) and in plastics and \nrubber products (+5,000).<\/p>\n\n\n\n

Financial activities added 15,000 jobs in November. Gains occurred in\n real estate (+10,000) and in nondepository credit intermediation \n(+8,000). Financial activities have added 164,000 jobs over the past 7 \nmonths, but employment in the industry is 115,000 lower than in \nFebruary.<\/p>\n\n\n\n

Employment in wholesale trade continued to trend up in November \n(+10,000). Government employment declined for the third consecutive \nmonth, decreasing by 99,000 in November.<\/p>\n\n\n\n

Employment in leisure and hospitality changed little in November \n(+31,000) but is down by 3.4 million since February. Arts, \nentertainment, and recreation added 43,000 jobs in November, while \nemployment in food services and drinking places changed little \n(-17,000). Employment in other major industries, including mining, \ninformation, and other services, also showed little change in November.<\/p>\n\n\n\n

\u201cOur Network members are continuing to see client organizations \ninvest boldly in growth, as they work to avoid the dangers of recency \nbias. We are helping our clients ensure they don\u2019t over-index on the \nmost recent global events to guide their decisions, but instead remain \ncommitted to objectively evaluating the full picture and focusing on \nwhat has historically driven economic vitality: great talent,\u201d said \nMiller.<\/p>\n","protected":false},"excerpt":{"rendered":"

The U.S. economy added 245,000 non-farm jobs in November, below the 410,000-job growth forecast by economists. The unemployment rate edged down to 6.7 percent. While November is the seventh consecutive month of both job growth and unemployment rate improvement, the pace of that improvement has moderated reflecting the ongoing coronavirus and efforts to contain it….<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":10,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"footnotes":""},"class_list":["post-871","page","type-page","status-publish","hentry"],"acf":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/mriomega.com\/index.php\/wp-json\/wp\/v2\/pages\/871","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mriomega.com\/index.php\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/mriomega.com\/index.php\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/mriomega.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/mriomega.com\/index.php\/wp-json\/wp\/v2\/comments?post=871"}],"version-history":[{"count":2,"href":"https:\/\/mriomega.com\/index.php\/wp-json\/wp\/v2\/pages\/871\/revisions"}],"predecessor-version":[{"id":875,"href":"https:\/\/mriomega.com\/index.php\/wp-json\/wp\/v2\/pages\/871\/revisions\/875"}],"up":[{"embeddable":true,"href":"https:\/\/mriomega.com\/index.php\/wp-json\/wp\/v2\/pages\/10"}],"wp:attachment":[{"href":"https:\/\/mriomega.com\/index.php\/wp-json\/wp\/v2\/media?parent=871"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}