U.S. Economy Added 227,000 Jobs in November 2024
By Tom Burnett CFA
On December 6, 2024, the Bureau of Labor Statistics issued its Employment Report for November. Job totals increased by 227,000, with an unemployment rate of 4.2%. Job seekers were unchanged from the prior month at 7.1 million. A year ago, the rate was 3.7% with 6.3 million job seekers. Over the past 12 months, the average monthly increase in employment was 186,000.
Manufacturing employment rose slightly due to the settlement of the Boeing strike.
Average hourly earnings for nonfarm payroll workers rose by $0.13 to $35.61, up 4.0% from a year ago.
Revisions to previous reports led to a total increase of 56,000 jobs nationwide.
The next Employment Report will be issued on January 10, 2025.
Tom Burnett CFA is Director of Research