Payroll Gains Beat Expectations, But The Pace Is Slowing

Summary

  • Total nonfarm payrolls posted a 263,000 gain in November versus a 284,000 rise in October, while September had an increase of 269,000.
  • The total number of officially unemployed was 6.011 million in November, a drop of 48,000.
  • The November jobs report shows total nonfarm and private payrolls posted additional albeit slower gains than recent prior periods.

Payroll

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By Robert Hughes

Private payrolls added 221,000 in November

Total nonfarm payrolls posted a 263,000 gain in November versus a 284,000 rise in October (revised up by 23,000), while September had an increase of 269,000 (revised down by 46,000). The November result easily beat the consensus

Monthly change in payroll employment
Monthly percent change in payroll employment

Average hourly earnings growth remains robust

Unemployment rates have been bouncing around in a flat trend recently

Labor force participation remains very low

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