178,000 Jobs Added in November

The Latest From the BLS Employment Report:

The US economy added 178,000 jobs in November, and the unemployment rate dropped, according to employment report data released Friday by the Bureau of Labor Statistics. The unemployment rate — which has held near 4.9 percent since the spring — dipped to 4.6 percent this month.

In November, employment gains occurred in professional and business services and in health care. The change in total nonfarm payroll employment for September was revised up from 191,000 to 208,000 and the change for October was revised down from 161,000 to 142,000. With these revisions, employment gains in September and October combined were 2,000 less than previously reported. Over the past 3 months, job gains have averaged 176,000 per month. Private-sector employment is on its longest streak of growth on record.

Economists’ predictions

Economists predicted 180,000 additions ahead of this morning’s jobs report and the report did not quite meet expectations. 178,000 jobs were added this month which is nearly in line with the six months growth pattern.

This Month’s Report

Let’s break down the numbers from this month’s report:

In November, hourly wages declined $0.03 to $25.89 per hour, bringing the year-over-year wage percentage increase to 2.5%. The unemployment rate dipped to 4.6%.

• Wages:
  • $25.89 November
    • – 3 cents month-over-month
    • + 2.5% year-over-year
  • $25.92 October
• Unemployment:
  • 4.6% November
    • -0.3% month-over-month
  • 4.9% October

What does this mean for the accounting and finance industry? Our in-depth analysis is below:

In-Depth Look: Accounting and Finance Jobs

Let’s take a look at how the Accounting and Finance industry is performing. Overall, industry subsectors saw job additions month-over-month. Here are some of the highlights:

• Financial activities:
  • Month-over-month change: +6,000
  •  Year-over-year change: +153,000

• Finance and Insurance:
  • Month-over-month change: +3,100
  • Year-over-year change: +104,200

• Accounting and bookkeeping services:
  • Month-over-month change: +17,700
  • Year-over-year change: +48,800

The unemployment rate for financial services increased slightly and now sits at 2.8% (+0.1% month-over-month). This average sits far lower than the national average. This means, for businesses looking to bring on finance professionals, the market remains extremely competitive. To ensure you’re positioning your company as a top employer for job seekers, check out our 2017 Salary Guide.