The economy added 263,000 jobs in November, again coming in ahead of expectations. Perhaps more importantly, wages continue to grow at a rapid pace, as the October average hourly wage was revised up by 6 cents.
There were some positive signs in the household survey, apart from the drop in employment rates. The U-6 measure of labor market slack fell back to 6.7 percent, tying the all-time low it hit in September 2022. The employment rate for workers with disabilities rose from 22.0 to 22.3 percent, while their unemployment rate fell to 5.8 percent, both records. The unemployment rate for workers without high school degrees fell to 4.4 percent.
Air transportation added another 4,100 jobs in November, putting employment 58,500 above the pre-pandemic level. Nursing homes and child care facilities added 2,800 and 5,400 jobs, respectively. Employment in nursing homes is now down 215,300 from pre-pandemic levels, while employment in child care centers is down by 84,400.
The other notable job losses were in the categories of non-depository credit intermediation and activities related to credit intermediations, which lost 11,000 and 2,400 jobs, respectively. These are the sectors that would be most directly hit by the collapse of the mortgage refinancing boom, as well as home purchases. Employment in the two sectors is 38,300 and 15,100, respectively, below peaks hit earlier this year.
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