NOVEMBER JOB MARKET UPDATES: SHAKER’S TAKE
In October, the biggest number of new jobs was seen at food services and drinking establishments adding 48,000 jobs.
Professional and business services were up by 22,000 jobs, social assistance saw an increase of 20,000 jobs, and health care added 15,000 new jobs. Financial jobs increased by 16,000 jobs. Retailers, even though still migrating through a consistent shift to online shopping, added 6,000 jobs in October; the second month in a row for increases in retail hiring. Retail employment had fallen seven straight months until finally increasing in September and October with 14,000 new retail jobs over the past two months.
Manufacturing was down by 36,000 jobs, as part of the 40-day UAW GM strike. The federal government lost 17,000 jobs due to 20,000 workers hired for Census data had finished their work.
In the Federal Reserve’s October Beige Book, the central bank reported recent employment trends as rising, “slightly amid reports of persistent worker shortages. Labor market tightness across skill levels and occupations was widely cited as a factor restraining hiring”.
David Berson, the chief economist at Nationwide Insurance, said, “We’re in the 11th year of an economic expansion, and this is the longest ever, we’re starting to slowly run out of workers. There simply aren’t as many out there. The low hanging fruit of employers finding people to work for them has all been picked.” With it getting more challenging for employers to find workers, Berson forecasted that wage growth would grow stronger if the unemployment rate sinks further.
Check out our infographic below for more details about the October job market changes.
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