US Nonfarm Payroll Increases by 263,000 in November; Unemployment Holds Steady at 3.7%

The US Bureau of Labor Statistics (BLS) today (12-2-22) reported that total nonfarm payroll employment increased by 263,000 in November. Monthly job growth has averaged 392,000 thus far in 2022, compared with 562,000 per month in 2021.

Job growth was widespread in November, with notable increases occurring in the following:

• Leisure and Hospitality added 88,000 new jobs, with food service and drinking places gaining 62,000 positions
• Health Care added 45,000 new jobs
• Government added 42,000 new jobs—mostly in local government, which added 32,000 positions
• Other service industries increased by 24,000
• Social Assistance added 23,000 new jobs
• Construction employment added 20,000 new jobs, with non-residential building adding 8,000 positions
• Manufacturing added 14,000 new jobs

Employment was little changed in other major industries, including mining and wholesale trade.

In November, the unemployment rate was unchanged at 3.7% and has been in a narrow range of 3.5% to 3.7% since March. The number of unemployed persons was essentially unchanged at 6.0 million in November.

The BLS notes that monthly revisions result from additional reports received from businesses and government agencies since the last published estimate and from recalculations of seasonal factors. As a result, the total nonfarm payroll employment for September was revised down by 46,000, from 315,000 to 269,000, and the change for October was revised up by 23,000, from 261,000 to 284,000. With these revisions, employment gains in September and October combined were 23,000 lower than previously reported.