National jobs report

November’s labor market rebounds after a dismal October

Last month, the US economy bounced back and added 227,000 jobs – very much in line with what economists were predicting ahead of its release.

Experts were also preparing for October’s job report to be revised, but only 24,000 jobs were added to the 12,000 reported last month. This is lower than they expected and makes it the weakest month for job growth since December 2020.

Comparing October’s and November’s reports presents stark contrast, leaving some uncertainty about the overall state of the US labor market.

Additional results:

• Unemployment rate rose to 4.2%, up from 4.1%
• Wage growth rose to 0.4%
• Labor force participation dropped 0.1% to 62.5%
• Healthcare (54,000+), leisure and hospitality (53,000+), and government (33,000+) showed strong hiring in November
• Retail saw a decline in hiring (–28,000), despite the holiday season
• On average, the US labor market has added over 180,000 jobs each month, this past year
• For the past 47 consecutive months, the economy has added jobs

Planning for 2025

Thanks to some shocking highs and unexpected lows, the US jobs report has remained a bit of a mystery for economists over the past year.

Facing this murky data, employers might feel the need to hold off on making any major changes. However, as we’re heading into 2025, putting your hiring plans on pause isn’t a good long-term option.

That’s why you need a staffing partner who relies on national, state, and regional data to create staffing strategies. At Adecco, we take into account reports from the Bureau of Labor Statistics, as well as proprietary and local data to keep our clients one step ahead.

If you’re ready to see how you can be a more competitive employer, contact us today, and let’s create a plan for next year.