This industry had a surprisingly strong month for hiring
While health care and business services have had an incredible year for job growth, another sector beat them out in November, the latest jobs report says.
The U.S. economy added 211,000 in November, around 11,000 ahead of Wall Street predictions, and confirmed that October’s encouraging numbers were not a fluke.
According to the monthly Bureau of Labor Statistics jobs report published today, the construction industry had a particularly stellar November. It added more than 46,000 jobs, with more than half of them (26,000) occurring among residential specialty trade contractors. That puts it ahead of typically high-growth sectors like health care and business services this month, and could be a sign of continued expansion—259,000 construction jobs were added over the past year.
That’s not to say health care and business services didn’t have a strong month either. Business services added 28,000 jobs in November, while health care added 24,000. The latter in particular has had a standout year, adding 470,000 jobs in 2015—the best of any industry, according to this month’s report.
Elsewhere, retail rose by 31,000 and food services by 32,000, while mining continued its downward trend, dropping by 11,000. Information, which includes the movie, publishing, and non-Internet broadcasting industries, also fell by 12,000, but remained mostly unchanged over the course of the year.
The report revised October’s number to 298,000 jobs (up from 271,000). And though August and September were cause for worry, with only 136,000 and 145,000 jobs added, respectively, the November report beat Wall Street’s prediction of 200,000 additional jobs. This latest jobs report is likely strong enough to convince the Federal Reserve to raise interest rates for the first time in nine years.
Average hourly earnings rose by 4 cents to $25.25, marking an overall 2.3% jump this year. The average workweek, meanwhile, was little changed at 34.5 hours, shifting down by just 0.1 hour.
The December employment report is due January 8.
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