178,000 Jobs Added in November

Posted: Dec 02  |  By: Parker + Lynch

The Latest From the BLS Employment Report: 178,000 Jobs Added in November

The US economy added 178,000 jobs in November, and the unemployment rate dropped, according to data released Friday by the Bureau of Labor Statistics. The unemployment rate – which has held near 4.9 percent since the spring – dipped to 4.6 percent this month.

In November, employment gains occurred in professional and business services and in health care. The change in total nonfarm payroll employment for September was revised up from 191,000 to 208,000 and the change for October was revised down from 161,000 to 142,000. With these revisions, employment gains in September and October combined were 2,000 less than previously reported. Over the last 3 months, job gains have averages of 176,000 per month. Private-sector employment is on its longest streak of growth on record.

Economists’ predictions

Economists predicted 180,000 additions ahead of this morning’s jobs report and the report did not quite meet expectations. 178,000 jobs were added this month which is nearly in line with the six months growth pattern.

This Month’s Report

Let’s break down the numbers from this month’s report:

In November, hourly wages declined $0.03 to $25.89 per hour, bringing the year-over-year wage percentage increase to 2.5%. The unemployment rate dipped to 4.6%.

  • Wages:
    • $25.89 November
      • – 3 cents month-over-month
      • + 2.5% year-over-year
    • $25.92 October
  • Unemployment:
    • 4.6% November
      • -0.3% month-over-month
    • 4.9% October

What does this mean for the accounting and finance industry? Our in-depth analysis is below:

In-Depth Look: Accounting and Finance Jobs

Let’s take a look at how the Accounting and Finance industry is performing. Overall, industry subsectors saw job additions month-over-month.

Here are some of the highlights:

  • Financial activities:
    • Month-over-month change: +6,000
    •  Year-over-year change: +153,000
  • Finance and Insurance:
    • Month-over-month change: +3,100
    • Year-over-year change: +104,200
  • Accounting and bookkeeping services:
    • Month-over-month change: +17,700
    • Year-over-year change: +48,800
  • Legal Services
    • Month-over-month change: -500
    • 800 jobs added since November of last year

The unemployment rate for financial services increased slightly and now sits at 2.8% (+0.1% month-over-month). This average sits far lower than the national average.

While the low unemployment rate is great news for legal and accounting and finance job seekers, for employers, it means that hiring top talent is going to be challenging. To get ahead of your competitors and add exceptional professionals to your workforce, make sure you are offering a competitive salary.  Request a free copy of our 2017 Legal or Accounting and Finance Salary Guide — a comprehensive resource for salaries across your industry — to get the latest salary insights that will help you hire the top professionals in your industry.