The US Bureau of Labor Statistics released its November Employment Situation today, with total nonfarm employment increasing by +199,000 in November, and the national unemployment rate falling to 3.7%. Most industry groups saw an increase in employment, with the largest gain coming from Health and social assistance, which added +93,200 jobs. The temporary help services industry, however, declined by -13,600 jobs.
Revisions to the September and October figures indicate that employment in the two months is now 35,000 lower than previously reported, and the October advance, initially estimated at +6,600, was revised down to growth of +200. This suggests that the temporary help services industry continues to experience weakness, even as the overall economy sees growth.
This month’s report also indicated that the labor force participation rate increased by 10 basis points, from 62.7% to 62.8%, and the prime age (25-54) labor force participation rate held steady at 83.3%. Despite competitive pressures increasing, there are still continuing large opportunities for those staffing firms that have developed a competitive advantage.
