The U.S. economy took an upturn last month, adding 321,000 nonfarm jobs in November, according to theemployment report released today by the U.S. Bureau of Labor Statistics (BLS). The November employment gains represent a significant increase from October’s revised figure of 243,000 nonfarm jobs. The November figure is also well above the 208,000 total nonfarm jobs reported that ADP and Moody’s Analytics reported on Wednesday, the 224,000 jobs BLS reports as the average monthly growth for the past year, and the 223,000 figure predicted by Bloomberg in a survey of economists. For the past 10 months, the economy has added at least 200,000 jobs—which hasn’t happened since 1994, according to
The Washington Post.
The construction industry increased by a total of 20,000 jobs in November, almost three times the October figure of 7,000 jobs. Manufacturing added 28,000 jobs to the economy, up from October’s increase of 20,000. The BLS figures for both industries are inflated compared to the ADP report, which pegged November’s increase in construction by 17,000 jobs and manufacturing by 11,000.
Architectural and engineering services increased by 4,500 jobs in November. This figure is up from October’s 3,800 and is around the average gain for the past three months.
Residential construction bounced back with a positive gain of 3,400 jobs in November, after experiencing a loss of nearly the same number of jobs in the previous month. Nonresidential construction, on the other hand, saw its third consecutive month in the red, losing 2,400 jobs in November. Heavy and civil engineering also experienced a shortfall last month, losing 1,300 jobs. The special trade contractors sector experienced employment gains: 13,300 jobs in residential and 7,300 in nonresidential.
Charts: Maggie Goldstone; Source: U.S. Bureau of Labor Statistics