November jobs gain of 245K slows from October

 

• November nonfarm payrolls: +245K vs. +500K consensus and +610K previous (revised from +638K).
• Unemployment rate: 6.7% vs. 6.8% consensus and 6.9% prior.
• The job report illustrates the continuing slowdown in the recovery as the number of COVID-19 cases increases across the country.
• In November, notable job gains occurred in transportation and warehousing, professional and business services, and health care. Employment declined in government and retail trade.
• 10.7M people are unemployed, 4.9M higher than in February.
• In November the number of long-term unemployed increased by 385K to 3.9M, accounting for 36.9% of the total unemployed.
• Labor force participation rate edged down to 61.5% from 61.7% in October; down from 63.2% in November 2019.
• Average hourly earnings for all employees on private nonfarm payrolls increased to $29.58 from $29.49; that's up from $28.34 a year ago.
• Unemployment rate by specific groups: adult women 6.1%, down from 6.5% in October; adult men 6.7%, unchanged M/M; White 5.9% vs. 6.0% in October; Black or African American 10.3% vs. 10.8%; Hispanic or Latino ethnicity 8.4% vs. 8.8%; Asian 6.7% vs. 7.6%.