Total number of U.S. jobs grew by 321,000 in November, and unemployment rate is unchanged at 5.8 percent, according to the U.S. Bureau of Labor Statistics.
In November, the unemployment rate held at 5.8 percent, and the number of unemployed persons was little changed at 9.1 million. Over the year, the unemployment rate and the number of unemployed persons were down by 1.2 percentage points and 1.7 million, respectively. The number of long-term unemployed (those jobless for 27 weeks or more) was little changed at 2.8 million in November. These individuals accounted for 30.7 percent of the unemployed. Over the past 12 months, the number of long-term unemployed declined by 1.2 million.
The civilian labor force participation rate held at 62.8 percent in November and has been essentially unchanged since April. The employment-population ratio, at 59.2 percent, was unchanged in November but is up by 0.6 percentage point over the year.
Employment in professional and business services increased by 86,000 in November.
Over the prior 12 months, job gains in employment and professional services averaged 57,000 per month, which is a solid growth for the industry. Within the industry, accounting and bookkeeping services added 16,000 jobs in November. Employment continued to trend up in temporary help services with 23,000 jobs added, and financial activities added 20,000 jobs in November, with half of the gain in insurance carriers and related activities. Over the past year, insurance has contributed 70,000 jobs to the overall employment gain of 114,000 in financial activities.
In November, employment continued to trend up in temporary help services, with 15,000 jobs added to this sector. Throughout 2014, employment in professional and business services has grown by an average of 55,000 per month – both solid growth for employment figures.
The average workweek for all employees in November on private nonfarm payrolls rose by 0.1 hour to 34.6 hours. The average workweek for production and nonsupervisory employees on private nonfarm payrolls was unchanged at 33.8 hours.
Average hourly earnings for all employees on private nonfarm payrolls rose by 9 cents to $24.66 in November. Over the year, average hourly earnings have risen by 2.1 percent. In November, average hourly earnings of private-sector production and nonsupervisory employees increased by 4 cents to $20.74. The change in total nonfarm payroll employment for September was revised from an increased 256,000 to 271,000, and the change for October was revised from an increase of 214,000 to 243,000. With these revisions, employment gains in September and October combined were in fact 44,000 more than previously reported.
For more insight on the salary predictions for 2015, request your free copy of the 2015 Accounting Principals Salary Guide.
Accounting Principals keeps employers up-to-date on monthly employment and hiring trends, specific to the accounting and finance industry. To learn more about today’s changing economic landscape, and to discuss your holiday season hiring strategy, contact an Accounting Principals representative today.
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