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  • U.S. nonfarm payrolls increase much less than forecast in November; unemployment rate declines more than anticipated
Ekonomické zprávy
03.12.2021

U.S. nonfarm payrolls increase much less than forecast in November; unemployment rate declines more than anticipated

The U.S. Labor Department announced on Friday that nonfarm payrolls increased by 210,000 in November after an upwardly revised 546,000 advance (from 531,000) in the prior month. This was the smallest monthly advance so far this year.

According to the report, professional and business services (+90,000), transportation and warehousing (+50,000), construction (+31,000), and manufacturing (+31,000) recorded the largest job gains in November, while retail trade (-20,000) registered a noticeable decline.

The unemployment rate dropped to 4.2 percent in November from 4.6 percent in October. This was the lowest rate since February 2020. Still, the rate remained above its pre-crisis level of about 3.5 percent.

Economists had forecast the nonfarm payrolls to rise by 550,000 and the jobless rate to slip to 4.5 percent.

The labor force participation rate increased to 61.8 percent in November from 61.6 percent in the previous month, while hourly earnings for private-sector workers rose 0.3 percent m-o-m (or $0.08) to $31.03, following an unrevised 0.4 percent m-o-m gain in October. Economists had forecast the average hourly earnings to go up 0.4 percent m-o-m in November. Over the year, the average hourly earnings climbed 4.8 percent in November, the same pace as in October. 

The average workweek edged up 0.1 hour to 34.8 hours last month, being slightly above economists' forecast for 34.7 hours.

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