Sunday, December 1, 2024

Labor Line

December 2024_________________________ 

Labor line has job news and commentary with a one stop short cut for America’s job markets and job related data including the latest data from the Bureau of Labor Statistics. 

This month's job and employment summary data are below and this month's inflation data is below that. 

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The Establishment Job Report with data released December 6, 2024.

 -Current Job and Employment-  

Data 

Jobs

Total Non-Farm Establishment Jobs up 227,000 to 159,288,000

Total Private Jobs up 194,000 to 135,798,000

Total Government Employment up 33,000 to 23,490,000 Note 

Civilian Non-Institutional Population up 174,000 to 269,643,000

Civilian Labor Force down 193,000 to 168,286,000

Employed down 355,000 to 161,141,000

Employed Men down 347,000 to 85,284,000

Employed Women down 9,000 to 75,856,000

Unemployed up 161,000 to 7,145,000

Not in the Labor Force up 368,000 to 101,177,000

Unemployment Rate went up .1% to 4.2% or 7,145/168,286

Labor Force Participation Rate went down .1% to 62.5%, or 168,286/269,643

Prices and inflation measured by the Consumer Price Index (CPI) for all Urban Consumers was up by a monthly average of 4.1 percent for 2023. 

The CPI November report for the 12 months ending with October shows the 

CPI for All Items was up 2.4% 

CPI for Food and Beverages was up 2.2% 

CPI for Housing was up 4.1% 

CPI for Apparel was up 1.8% 

CPI for Transportation including gasoline was down 1.1% 

CPI for Medical Care was up 3.3% 

CPI for Recreation was up .7% 

CPI for Education was up 3.6% 

CPI for Communication was down 1.0% 

This Month’s Establishment Jobs Press Report

A HO-HUM MONTH

The Bureau of Labor Statistics published its December report for jobs in November. The employed dropped 355 thousand and the unemployed went up 161 thousand where 194 thousand of the employed left the labor force. The lower employment and higher unemployment brought a higher unemployment rate, up .1 percent to 4.2 percent. Employment dropped for both men and women. The labor force participation rate declined .1% to 62.5 percent.

The seasonally adjusted total of establishment employment was up 227 thousand for November. The increase was 160 thousand more jobs in the private service sector combined with a(an) 34 thousand increase in jobs from goods production. The total of 194 thousand jobs gained in the private sector combined with a(n) increase of 33 thousand government service jobs accounts for the total increase.

Goods production had an increase of 34 thousand jobs. Natural resources had 2 thousand new jobs; construction added 10 thousand jobs. Specialty trade contractors added 8.7 thousand of the construction jobs but with the residential specialty contractors adding only 1.7 thousand jobs combined with nonresidential specialty trade contractors adding 7.0 thousand jobs.  There was a small increase in heavy and engineering construction combined with small job losses in construction of buildings limiting the construction job increase at 10 thousand.

Manufacturing employment was up 22 thousand jobs, reversing job losses in recent months. Durable goods were up 26 thousand jobs while non-durable goods production was off 4 thousand jobs. This month 32 thousand of the 44 thousand jobs lost at Boeing last month from the strike accounted for all the manufacturing job gains for this month. Except for 2.7 thousand new jobs in machine manufacturing, jobs in other manufacturing subsectors had small job losses. Among non-durable goods no subsector did well with most of them experiencing small job losses.

Government service employment increased 33 thousand jobs. Federal government employment was off 2 thousand jobs while state government added 20 thousand jobs and local government added 15 thousand more. Government jobs excluding education were up 18.5 thousand. Government jobs in education went up 17.1 thousand this month, which was 11.6 thousand new jobs in state education, but only 5.5 thousand new jobs local education. Private sector education was up 6.9 thousand seasonally adjusted jobs, which brings the total of 24 thousand new jobs in education.

Health care took first place for private service sector job gains with 72.3 thousand new jobs, up from last month. All four of the health care subsectors had more jobs with ambulatory care adding 22.4 thousand jobs; hospitals added 19.3 thousand jobs, a very large increase for hospitals; nursing and residential care were up 11.9 thousand jobs. Social assistance services added 18.7 thousand jobs, but with 17.2 thousand new jobs coming in individual and family services. The growth rate for health care was up from last month to 3.82 percent, above the average of 2.11 percent per month of the last 15 years.

Leisure and hospitality added 53 thousand jobs after last month’s job losses. Arts, entertainment and recreation added 18.4 thousand jobs with amusements, gambling and recreation up 7.7 thousand jobs and performing arts and spectator sports adding 9.7 thousand jobs. Accommodations added 5.7 thousand jobs; restaurants 28.9 thousand more, a moderate total for restaurants.

Trade, transportation and utilities, the biggest sector of all, lost 23 thousand jobs. While wholesale trade jobs were up slightly retail trade dropped 28 thousand jobs. Transportation added a net 3.4 thousand jobs with truck transportation adding 2.9 thousand among other small changes in modal transportation jobs. Warehousing and storage and couriers and messengers were down 3.6 thousand jobs. Utility employment as off slightly as well.

Professional and business services gained 26 thousand jobs. The professional and technical services subsector of it added 15.9 thousand jobs; management of companies was down almost a thousand jobs, while the third sub sector, administrative and support services including waste management, added 11.2 thousand jobs. Among professional and technical services, architecture and engineering services added 10.4 thousand jobs among small changes for remaining sub sectors, much like last month. Among administrative support services employment services added 6.8 thousand jobs after last month’s job losses; services to buildings added 3 thousand jobs among little change in other administrative support sub sectors.

Information services had no change in combined jobs. Motion picture and sounding recording added 1.9 thousand jobs offset by losses in the publishing industry and small job losses in other information sub sectors. Financial activities added 17 thousand in jobs where finance and insurance added 13.2 thousand jobs with real estate adding another 3.7 thousand. The category, other, added 8 thousand jobs with all three sub sectors adding jobs. Repair and maintenance added 2.1 thousand jobs and personal and laundry services another 4.1 thousand. Non-profit membership associations added 1.6 thousand jobs.

The economy added 227 thousand jobs for November, a modest increase. Establishment employment in November was 159.288 million with an annual growth rate of 1.71 percent, above population growth. Health care resumed its dominant place in job growth with nearly a third of new jobs.  Government jobs continue to be an important source of employment. This month’s job total is 2.274 million above November a year ago and 4.992 million jobs above November two years ago.

November Details 

Non Farm Total +227

The Bureau of Labor Statistics (BLS) reported Non-Farm employment for establishments increased from October by 227 thousand jobs for a(n) November total of 159.288 million. (Note 1 below) An increase of 227 thousand each month for the next 12 months represents an annual growth rate of +1.71% The annual growth rate from a year ago beginning November 2023 was +1.45%; the average annual growth rate from 5 years ago beginning November 2019 was +.97%; from 15 years ago beginning November 2009 it was +1.36%. America needs growth around 1.5 percent a year to keep itself employed.

Sector breakdown for 12 Sectors in 000’s of jobs 

1. Natural Resources +2

Natural Resources jobs including logging and mining increased 2 thousand from October with 640 thousand jobs in November. An increase of 2 thousand jobs each month for the next 12 months would be an annual growth rate of +3.76 percent.   Natural resource jobs have no change from a year ago. Jobs in 2000 averaged around 600 thousand with little prospect for growth.  This is the smallest of 12 major sectors of the economy with .4 percent of establishment jobs.

2. Construction +10

Construction jobs were up 10 thousand from October with 8.313 million jobs in November. An increase of 10 thousand jobs each month for the next 12 months would be an annual growth rate of +1.45 percent.  Construction jobs are up 211 thousand for the 12 months just ended. The growth rate for the last 5 years is 1.97%. Construction jobs rank 9th among the 12 sectors with 5.2 percent of non-farm employment.

3. Manufacturing +22

Manufacturing jobs were up 22 thousand from October with 12.887 million jobs in November. An increase of 22 thousand jobs each month for the next 12 months would be an annual growth rate of +2.05 percent.  Manufacturing jobs were down for the last 12 months by 61 thousand. The growth rate for the last 5 years is +.03%; for the last 15 years by +.76%. Manufacturing ranks 6th among 12 major sectors in the economy with 8.2 percent of establishment jobs.

4. Trade, Transportation & Utility -23

Trade, both wholesale and retail, transportation and utility employment were down 23 thousand jobs from October with 29.032 million jobs in November. A decrease of 23 thousand jobs each month for the next 12 months would be an annual growth rate of -.95 percent. Jobs are up by 189 thousand for last 12 months. Growth rates for the last 5 years are +.90 percent. Jobs in these sectors rank first as the biggest sectors with combined employment of 18.3 percent of total establishment employment.

5. Information Services +0

Information Services jobs stayed the same from October with 2.996 million jobs in November.  An increase of zero each month for the next 12 months would be an annual growth rate of +0.0 percent. (Note 2 below)  Jobs are down by 13 thousand for the last 12 months. Information jobs reached 3.7 million at the end of 2000, but started dropping, reaching 3 million by 2004 and has slowly come back to 3.0 million in the last decade. Information Services is a small sector ranking 11th of 12 with 1.9 percent of establishment jobs.

6. Financial Activities +17

Financial Activities jobs were up by 17 thousand jobs from October to 9.280 million in November. An increase of 17 thousand jobs for the next 12 months would be an annual growth rate of +2.20 percent. Jobs are up 53 thousand for the last 12 months.  (Note 3 below) This sector also includes real estate as well as real estate lending. The long term growth rates are now at a 5 year growth rate of +1.06 percent, and a 15 year growth rate of +1.20 percent. Financial activities rank 8th of 12 with 5.8 percent of establishment jobs.

7. Business and Professional Services +26

Business and Professional Service jobs went up 26 thousand from October to 22.954 million in November. An increase of 26 thousand each month for the next 12 months would be an annual growth rate of +1.36 percent. Jobs are up 85 thousand for the last 12 months. Note 4 The annual growth rate for the last 5 years was +1.34 percent. It ranks as 2nd among the 12 sectors now. It was 2nd in 1993, when manufacturing was bigger and second rank now with 14.5 percent of establishment employment. 

8. Education including public and private +24

Education jobs were up 25 thousand jobs from October at 14.712 million in November. An increase of 25 thousand jobs each month for the next 12 months would be an annual growth rate of +1.96 percent. These include public and private education. Jobs are up 235 thousand for the last 12 months. (note 5) The 15 year growth rate equals +.55 percent. Education ranks 5th among 12 sectors with 9.2 percent of establishment jobs

9. Health Care +72

Health care jobs were up 72 thousand from October to 22.807 million in November. An increase of 72 thousand each month for the next 12 months would be an annual growth rate of +3.82 percent. Jobs are up 895 thousand for the last 12 months. (note 6)  The health care long term 15 year growth rate has been +2.11 percent lately compared to +3.82 percent for this month’s jobs. Health care ranks 3rd of 12 with 14.1 percent of establishment jobs.

10. Leisure and hospitality +53

Leisure and hospitality jobs were up 53 thousand from October to 17.069 million in November.  (note 7) An increase of 53 thousand each month for the next 12 months would be an annual growth rate of +3.74 percent. Jobs are up 294 thousand for the last 12 months. More than 80 percent of leisure and hospitality are accommodations and restaurants assuring that most of the new jobs are in restaurants. Leisure and hospitality ranks 4th of 12 with 10.7 percent of establishment jobs. It moved up to 7th from 4th in the pandemic decline.

11. Other +8

Other Service jobs, which include repair, maintenance, personal services and non-profit organizations were up 8 thousand from October to 5.930 million in November. An increase of 8 thousand each month for the next 12 months would be an annual growth rate of +1.62 percent. Jobs are up 66 thousand for the last 12 months. (Note 8) Other services had +.72 percent growth for the last 15 years. These sectors rank 10th of 12 with 3.7 percent of total non-farm establishment jobs.

12. Government, excluding education +17

Government service employment went up 17 thousand from October at 12.678 million jobs in November. An increase of 17 thousand each month for the next 12 months would be an annual growth rate of +1.56 percent. Jobs are up 320 thousand for the last 12 months.  (note 9) Government jobs excluding education tend to increase slowly with a 15 year growth rate of +.33 percent. Government, excluding education, ranks 7th of 12 with 7.9 percent of total non-farm establishment jobs.

Sector Notes__________________________


(1) The total cited above is non-farm establishment employment that counts jobs and not people. If one person has two jobs then two jobs are counted. It excludes agricultural employment and the self employed. Out of a total of people employed agricultural employment typically has about 1.5 percent, the self employed about 6.8 percent, the rest make up wage and salary employment. Jobs and people employed are close to the same, but not identical numbers because jobs are not the same as people employed: some hold two jobs. Remember all these totals are jobs. back

(2) Information Services is part of the new North American Industry Classification System(NAICS). It includes firms or establishments in publishing, motion picture & sound recording, broadcasting, Internet publishing and broadcasting, telecommunications, ISPs, web search portals, data processing, libraries, archives and a few others.back

(3) Financial Activities includes deposit and non-deposit credit firms, most of which are still known as banks, savings and loan and credit unions, but also real estate firms and general and commercial rental and leasing.back

(4) Business and Professional services includes the professional areas such as legal services, architecture, engineering, computing, advertising and supporting services including office services, facilities support, services to buildings, security services, employment agencies and so on.back

(5) Education includes private and public education. Therefore education job totals include public schools and colleges as well as private schools and colleges. back

(6) Health care includes ambulatory care, private hospitals, nursing and residential care, and social services including child care. back

(7) Leisure and hospitality has establishment with arts, entertainment and recreation which has performing arts, spectator sports, gambling, fitness centers and others, which are the leisure part. The hospitality part has accommodations, motels, hotels, RV parks, and full service and fast food restaurants. back

(8) Other is a smorgasbord of repair and maintenance services, especially car repair, personal services and non-profit services of organizations like foundations, social advocacy and civic groups, and business, professional, labor unions, political groups and political parties. back

(9) Government job totals include federal, state, and local government administrative work but without education jobs. back

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Notes

Jobs are not the same as employment because jobs are counted once but one person could have two jobs adding one to employment but two to jobs. Also the employment numbers include agricultural workers, the self employed, unpaid family workers, household workers and those on unpaid leave. Jobs are establishment jobs and non-other. back

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