According to the Bureau of Labor Statistics (BLS) jobs report for the month of November 2022, the unemployment rate in the United States was unchanged at 3.7 percent in November and has been in a narrow range of 3.5 percent to 3.7 percent since March. The number of unemployed people remained unchanged at 6 million.
The BLS report also showed that Nonfarm payroll employment increased by 263,000 in November. Employment gains occurred in leisure and hospitality, government, and construction.
The labor force participation rate, which measures the percentage of the population that is either employed or actively seeking employment, was unchanged at 62.1% in November. The employment-population ratio, which measures the percentage of the population that is employed, remained stagnant at 59.9%.
In terms of industries, employment in leisure and hospitality increased by 88,000 in November. Employment in government increased by 42,000 jobs in November, mostly in local government (+32,000).Employment in retail trade declined by 30,000, and employment in professional and business services changed little. Employment in construction also increased by 20,000.
Overall, the BLS jobs report for November 2022 indicated that the labor market remained unchanged.
About BLS monthly reporting
The Bureau of Labor Statistics (BLS) is a government agency that collects, analyzes, and disseminates data on employment, unemployment, and other labor-related topics in the United States. One of the primary tools that the BLS uses to track employment trends is the monthly jobs report, which provides detailed information on job gains and losses, unemployment rates, and other key indicators of the labor market.
The BLS jobs report is based on a survey of households and businesses, and is released on the first Friday of each month. The report includes data on the total number of jobs added or lost in the economy over the previous month, as well as the unemployment rate, which measures the percentage of the labor force that is actively seeking employment but unable to find work. The report also includes data on the industries and sectors that are adding or losing jobs, as well as information on wages and other indicators of labor market health.
The BLS jobs report is closely watched by policymakers, economists, and financial markets, as it provides a valuable snapshot of the health of the labor market and the overall economy. It is often used as a key indicator of the state of the economy and can have a significant impact on financial markets and consumer confidence.