November payrolls fell dramatically short of Wall Street predictions, largely due to job losses across public education and local government. Only 210,000 jobs were gained in the market overall, including 25,000 job losses in the private sector and 235,000 job gains across private companies. Local sector losses are not likely to improve as the government continues moving sluggishly to hire employees, and it has not increased payrates to effectively compete in the market.
Average unemployment continues to diminish, dropping to 4.2% (from 4.6% in October and 5.2% in August) as more unemployed workers returned to the job market in November. Labor force participation also improved — from 61.6% in October to 61.8% in November — yet it fell significantly short of pre-pandemic levels (i.e., 63.3% as of Feb. 2020). Workers are leaving jobs at increased levels — with a 22% rise in quits since before the pandemic. Additionally, layoffs are near record lows, and wage growth has accelerated to 70% higher than pre-pandemic averages.
Labor Market Analysis
Labor market analyses offer insight into current market demand across a spectrum of industries, labor categories and geographies. Our monthly market intelligence reports equip organizations and individuals with actionable data and insights into complex market trends that support informed decisions to drive business forward.
Read More www.astoncarter.com/en/insights/labor-reports/october-2021-labor-market-analysis
Labor Market Analysis
Labor market analyses offer insight into current market demand across a spectrum of industries, labor categories and geographies. Our monthly market intelligence reports equip organizations and individuals with actionable data and insights into complex market trends that support informed decisions to drive business forward.
Read More www.astoncarter.com/en/insights/labor-reports/september-2021-labor-market-analysis
Labor Market Analysis
Labor market analyses offer insight into current market demand across a spectrum of industries, labor categories and geographies. Our monthly market intelligence reports equip organizations and individuals with actionable data and insights into complex market trends that support informed decisions to drive business forward.
Read More www.astoncarter.com/en/insights/labor-reports/august-2021-labor-market-analysis
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