December 18th, 2013

Monthly Economic Report: December 2013

After the release of the BLS’ “The Employment Situation – October 2013” report, it was unsure of what to expect as economists prepared to publish their employment forecasts around November’s job creation statistics.

October added 204,000 new jobs to the economy – much more than expected. However, there was a small uptick in the unemployment rate and it was still unsure how the government shutdown would affect the unemployment rate. Many economists expected 180,000 new jobs to be added in November. In spite of the positive outlook, their projections were actually not high enough.

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According to the BLS’ “The Employment Situation – November 2013” report, 203,000 new jobs were created last month, the second consecutive month in which more than 200,000 jobs were generated. Total employment also increased, and unemployment declined leading to a reduction in the nation’s jobless rate. Measured at seven percent, November’s unemployment rate was the lowest in five years.

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AS A NEW YEAR APPROACHES, PRIVATE SECTOR HIRING REMAINS ROBUST

As has often occurred throughout 2013, a majority of the private sector’s industries recorded employment gains last month, including the following. Since stalling earlier in the fall, sector hiring has begun to rebound, as total employment rose by 28,400 in november.

HEALTHCARE

Since stalling earlier in the fall, sector hiring has begun to rebound, as total employment rose by 28,400 in November.

PROFESSIONAL AND BUSINESS SERVICES

Undoubtedly the nation’s most consistent job creator, alongside healthcare and retail trade, the professional and business services sector continued to add new jobs to the economy in november. Approximately half of the sector’s 35,000 new employees were administrative and support services workers.

TEMPORARY HELP SERVICES

The sector continued to see a gain with the addition of 16,400 jobs in November.

RETAIL TRADE

22,300 new jobs were generated within the sector in november, roughly half of october. General merchandise stores conducted a majority of the hiring.

 

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