Employment Research Brief
Retail and Health Care Hiring Paint Opposite Pictures for CRE
Non-cyclical and strike-impacted sectors log modest job creation. Last month welcomed 199,000 new positions as the labor market continued to exhibit resilience. Still, November’s headline number fell a fair bit below the trailing 12-month average of 240,000 roles as hiring velocity slows. While the overall growth eased back, hiring was still aggressive in non-cyclical sectors like health care and government, as well as in industries affected by recent labor disruptions, like manufacturing. Health care led in hiring last month with an above-average 77,000 added jobs. The 30,000 new positions in motor vehicles and parts manufacturing largely reflected the return of workers from strikes.