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Unemployment rate in the US falls to 4.2%

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5.2% of Hispanics remain unemployed based on November stats

According to a recent report by the U.S. Bureau of Labor Statistics, employment rose by 210,000 in November as the U.S. unemployment rate fell to 4.2%. This is well below the half-million gain that had been expected. The number of unemployed persons fell by 542,000 to 6.9 million and the market saw a marked increase in jobs in professional and business services, transportation and warehousing, construction, and manufacturing while employment in the retail sector declined. Among the major worker groups, the unemployment rates for adult men (4%), adult women (4%), whites (3.7%), blacks (6.7%), and hispanics (5.2%) declined in November.

Karen Fichuk, CEO of Randstaf North America and Randstad N.V. executive board member commented: “We’re continuing to see a surge in job postings, record low unemployment rates and historically high levels of workers changing jobs and careers. Together these trends are creating new opportunities for workers, as smart employers cater to workers who have come to expect a better work-life balance, higher salaries, and more flexibility. At the same time, the rise of the Omicron variant will renew employee concerns about health and safety measures and threaten to pump the brakes on the current acceleration of the job market.”

Detailed outlook on where jobs grew in November:

• Professional and business services added 90,000 jobs.

• Employment in transportation and warehousing increased by 50,000 and is 210,000 above its February 2020 level.

• Construction employment rose by 31,000 jobs.

• Manufacturing added 31,000 jobs.

• Employment in financial activities continued to trend up in November (+13,000) and is 30,000 above its February 2020 level.

• Employment in the retail sector declined by 20,000 with job losses in general merchandise stores (-20,000); clothing and clothing accessories stores (-18,000); and sporting goods, hobby, book, and music stores (-9,000).

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