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The US Department of Labor released the latest non-farm employment report on Friday (4). The number of new coronavirus infections has risen dramatically, which continues to set the pace for the job recovery. In November, 245,000 new non-farm jobs were reported, much lower than expected and the previous value, and the This increase is the lowest since the explosive growth of May this year.
Key facts from the November non-farm report:
- New non-farm employment was reported to be 245,000, which is expected to be 440,000. The previous value was reduced from 638,000 to 610,000
- Reported unemployment rate 6.7%, 6.8% expected, previous value 6.9%
- The average weekly working hour is 34.8 hours, the expected 34.8 hours, the above value is 34.8 hours
- The average hourly wage increase rate is reported at 4.4%, which is expected to be 4.2%, and the above value is 4.5%
- Average monthly rate of increase in reported hourly wage 0.3%, 0.1% expected, previous value 0.1%
- The labor participation rate reported 61.5%, the previous value was 61.7%
By sectors, new employment in November was mainly concentrated in the logistics and warehousing industry, with an increase of 145,000, the largest increase since 1997, an increase of 60,000 in professional and business services, an increase of 46,000 in health and the construction industry. Both manufacturing and manufacturing added 27,000, and financial services added 15,000. Employment growth in most sectors has shown signs of slowing.
Government employees have fallen for three consecutive months, with a decrease of 99,000 in November and a decrease of 35,000 in the retail industry.
Although the unemployment rate fell to 6.7% in November, this is because people are classified as “employed but unable to work”. Once the error is cleared up, the government expects the unemployment rate in November to be around 7.1%.
Long-term unemployment (unemployed for at least 27 weeks or more) The population increased by 385,000 in November to 3.9 million, the highest level since 2013. Currently, long-term unemployment represents more than a third of the total population of unemployed, representing 36.9%, The population of unemployed for 15-26 weeks decreased by 760,000 to 1.9 million.
Brad McMillan, chief investment officer at Commonwealth Financial Network, said: “This is a disappointing report. It shows that the three waves of epidemics are having a greater impact on the labor market than expected. Prospects for recovery in consumer spending can be seen threatened. This is for Congress. It’s a warning sign that more fiscal stimulus packages should be supported. “
At the time of publication of the non-farm data, the US epidemic was still increasing and the number of newly diagnosed cases on Thursday (3) reached a record with 218,000 cases.
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