Nonfarm Payrolls Increases in November as Unemployment Rates Decline

The U.S. Bureau of Labor Statistics (BLS) reported on Friday (12/4) that total nonfarm payroll employment rose in November by 245,000. In November, the unemployment rate edged lower to 6.7%. The rate is down by 8.0 percentage points from its recent high in April but is 3.2 percentage points higher than it was in February. The number of unemployed persons, at 10.7 million, continued to trend down in November but is 4.9 million higher than in February. The report notes that the improvements in the labor market reflect the continued resumption of economic activity that had been curtailed due to the coronavirus pandemic and efforts to contain it. However, the report goes onto say, the pace of improvement in the labor market has moderated in recent months. Notable job gains in November were in the fields of transportation and warehousing, professional and business services and health care. Employment declined in government and retail trade.