The jobs report for November exceeded expectations, showing growth in various sectors of the U.S. economy. Health care and social assistance led the way with 72,300 new positions added, following their significant contribution in October. When combining private education with health care, the growth increased to 79,000 jobs.
Leisure and hospitality made the second-largest contribution, adding 53,000 positions, mainly driven by employment in food services and drinking places, which saw an increase of 29,000 jobs. Government jobs grew by 33,000, coming just behind leisure and hospitality.
Manufacturing and professional and business services rebounded strongly in November, adding 22,000 and 26,000 jobs, respectively, after facing losses in October due to various factors. Byron Anderson from Laffer Tengler Investments noted a positive bounce back in job numbers and revisions, indicating a stable job market.
Despite gains in construction and financial activities, Julia Pollak from ZipRecruiter highlighted that job growth was concentrated in specific areas. Retail trade experienced a loss of 28,000 jobs, signaling a weak spot in the report. Pollak cautioned against interpreting the report as a strong recovery, emphasizing the need for sustained growth across sectors.
Financial activities stood out with a gain of 17,000 jobs in November, driven by optimism surrounding potential regulatory changes under the Trump administration. Pollak noted increased hiring in this sector, reflecting a positive outlook for the industry.
