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November jobs report preview: Payrolls likely grew by 548,000 as unemployment rate falls to 4.5%
Last edited Fri Dec 3, 2021, 08:03 AM - Edit history (2)
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Yahoo Finance
November jobs report preview: Payrolls likely grew by 548,000 as unemployment rate falls to 4.5%
Emily McCormick · Reporter
Thu, December 2, 2021, 2:57 PM · 5 min read
The November jobs report is expected to underscore the tightness of the present labor market, with payroll gains accelerating slightly and the unemployment rate ticking down further during the month. And with labor shortages still rampant, economists are also predicting another hot print on wage growth.
The Labor Department is set to release its November jobs report Friday at 8:30 a.m. ET. Here were the main metrics expected from the print based on consensus estimates compiled by Bloomberg:
• Non-farm payrolls: +548,000 expected, +531,000 in October
• Unemployment rate: 4.5% expected, 4.6% in October
• Average hourly earnings, month-over-month: 0.4% expected, 0.4% in October
• Average hourly earnings, year-over-year: 5.0% expected, 4.9% in October
U.S. employers have added back jobs on net in every month so far in 2021 as vaccinations, reopenings and a recovery in the high-contact services industries helped boost hiring. At 550,000, the expected non-farm payrolls increase for November would mark a back-to-back month that job gains came in above the psychologically important half-million level. It would also represent the most jobs added back since July.
But despite the solid rehiring throughout the year, labor force participation remains short of pre-pandemic levels. As of October, the civilian labor force was still down by nearly 3 million participants, compared to February 2020. Consensus economists expect the labor force participation rate to tick up only slightly in November to reach 61.7%, growing from October's 61.6% but still coming in well below the 63.3% rate from February 2020.
Economists have attributed the stubbornly depressed participation rate to a host of factors, including lingering concerns about COVID-19 infections, difficulties finding child care and a desire by many workers to leave their jobs and pursue roles with more flexibility, wages or benefits. With the latest emergence of the Omicron variant, these myriad factors may further inhibit a rebound in labor force participation.
Story continues
November jobs report preview: Payrolls likely grew by 548,000 as unemployment rate falls to 4.5%
Emily McCormick · Reporter
Thu, December 2, 2021, 2:57 PM · 5 min read
The November jobs report is expected to underscore the tightness of the present labor market, with payroll gains accelerating slightly and the unemployment rate ticking down further during the month. And with labor shortages still rampant, economists are also predicting another hot print on wage growth.
The Labor Department is set to release its November jobs report Friday at 8:30 a.m. ET. Here were the main metrics expected from the print based on consensus estimates compiled by Bloomberg:
• Non-farm payrolls: +548,000 expected, +531,000 in October
• Unemployment rate: 4.5% expected, 4.6% in October
• Average hourly earnings, month-over-month: 0.4% expected, 0.4% in October
• Average hourly earnings, year-over-year: 5.0% expected, 4.9% in October
U.S. employers have added back jobs on net in every month so far in 2021 as vaccinations, reopenings and a recovery in the high-contact services industries helped boost hiring. At 550,000, the expected non-farm payrolls increase for November would mark a back-to-back month that job gains came in above the psychologically important half-million level. It would also represent the most jobs added back since July.
But despite the solid rehiring throughout the year, labor force participation remains short of pre-pandemic levels. As of October, the civilian labor force was still down by nearly 3 million participants, compared to February 2020. Consensus economists expect the labor force participation rate to tick up only slightly in November to reach 61.7%, growing from October's 61.6% but still coming in well below the 63.3% rate from February 2020.
Economists have attributed the stubbornly depressed participation rate to a host of factors, including lingering concerns about COVID-19 infections, difficulties finding child care and a desire by many workers to leave their jobs and pursue roles with more flexibility, wages or benefits. With the latest emergence of the Omicron variant, these myriad factors may further inhibit a rebound in labor force participation.
Story continues
{edited}
The banner on Yahoo! Finance's main page, Friday morning:
COMING UP | November jobs report: Payrolls likely grew by 550,000 and unemployment rate fell to 4.5%
Check back for results at 8:30 a.m.
Check back for results at 8:30 a.m.
The article's headline was tweaked.
Yahoo Finance
November jobs report preview: Payrolls likely grew by 550,000 as unemployment rate falls to 4.5%
Emily McCormick · Reporter
Thu, December 2, 2021, 2:57 PM
{snip}
November jobs report preview: Payrolls likely grew by 550,000 as unemployment rate falls to 4.5%
Emily McCormick · Reporter
Thu, December 2, 2021, 2:57 PM
{snip}