U.S. Labor Market - Healthy Job Growth Beats Expectations
Job creation continued on a steady pace in November, as U.S. employers added 146,000 jobs and the unemployment rate edged lower. Hurricane Sandy had little initial effect on monthly job creation, according to the Bureau of Labor Statistics, surprising many experts who predicted that the storm would negatively impact hiring by anywhere from 20,000 to 150,000 jobs.
Here are the highlights of latest U.S. Talent Market Monthly
report from Kelly Services
- The U.S. labor market continued to generate jobs and unemployment fell in November, despite damage and disruptions on the east coast from Hurricane Sandy.
- Seasonal hiring patterns and ongoing strength in the healthcare and professional services sectors were the driving forces behind employment growth in November.
- U.S. employment gains have averaged slightly over 151,000 per month in 2012, around the same rate of job creation seen in 2011.
November’s employment gains were driven by seasonal hiring in the retail sector, up 53,000 in the month. Solid growth was also seen in the professional and business services sector (+43,000), particularly in technology fields.The computer services sector has gained more than 70,000 jobs thus far in 2012. Healthcare also continues to generate employment, averaging 26,000 new jobs a month this year.
Hiring is expected to continue to accelerate modestly in 2013, although the pace of job growth may not be enough to significantly lower the unemployment rate. A recovering housing market, slowdowns in government jobcuts, and increased consumer and business confidence are all likely to sustain the labor market momentum in the coming year.
Read more detailed information on the latest U.S. labor market data and download the mentioned report here.