Jobs Report - Nov24
I usually download data from FRED into R / Excel to conduct my analysis. For this post I’m going to rely exclusively on FRED graphics and leveraging embed codes. [Once you create your graphic on FRED, click the Share Links icon in the bottom left. Then copy the embed copy and paste into your web editor.]
- Pro: quick, easy, interactive
- Con: limited customization, resizing to different screen sizes is troublesome despite embedding “responsive” image
Household Survey
Unemployment Rate
Headline unemployment rate Nov`24 = 4.2%
UR seems to have reason for all the wrong reasons: more unemployed, fewer employed, more people not in the labor force
UR relatively steady even when broaden definition of labor underutilization
Participation
Prime Age LFPR stopped its recent decline, which is goods news. Other segments of the labor force (e.g. older) struggle to return to work
Part time employment for economic reasons continues to slide a bit.
Prime Age female employment falling faster than male employment
Unemployment Reason
Seems like job losers not on layoff (i.e. fired) ticked up
Duration of Unemployment
People are unemployed longer
Newly unemployed up the most. Long term unemployed steady.
Multiple Jobs
Side hustles still near record
Establishment Survey
Headline employment m/m delta Nov`24 = 227K
Industry
Government & Services see growth
Trade, Transportation, and Utilities lead job growth
Education and Health faster growers
Temp Help hinting at overall weakness
Employment (y/y % delta) from the household survey turned negative for the first time 2021
Hours Worked
Drop in Utilities Hours
OT stable
Aggregate Hours Worked continues to rise. (Avg hrs per worker times # of workers)
Utilities hours fall dramatically
Compensation
In this context payrolls are $/Hr/Person * #Hrs/Person * #People
Avg Hrly Earnings relatively steady