The November 2022 Jobs Report: What is the Current U.S. Employment Situation?

Nonfarm payrolls added 263,000 jobs in November, according to the U.S. Department of Labor’s November 2022 jobs report, beating economists’ expectations of 200,000. Meanwhile, the unemployment rate remained at 3.7%, the same as last month, and the number of unemployed persons was “essentially unchanged” at 6 million in November.

However, average hourly earnings rose by 0.6%, and annual wages climbed 5.1%; both of those numbers were higher than expected. This all comes despite strong action taken by the Federal Reserve to slow the economy and bring down inflation. Currently, inflation is at 7.7% — just below a 40-year high.

Other noteworthy statistics:

• Both October’s and September’s job numbers were revised. September’s totals decreased by 46,000 to 269,000, while October’s numbers increased by 23,000 to 284,000.
• The number of people who lost their job permanently rose by 127,000 to 1.4 million in November. The number of people on temporary layoff changed little at 803,000.
• Despite the higher-than-expected job growth in November, monthly job growth in 2022 is significantly lower than in 2021, at 392,000 compared with 562,000.

Among the top industries hiring in November were leisure and hospitality and healthcare. Employment declined in retail trade and transportation and warehousing.

November’s numbers show the job market isn’t slowing down. Whether you’re a job seeker or employer, iHire’s platform is built to help you succeed.