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JOB MARKET REVIEW for NOVEMBER 2016
Hiring rates will be mixed in November compared with a year ago: A net of 41.4 percent of manufacturers and a net of 37.2 percent of service-sector companies will add jobs in November, according to SHRM's Leading Indicators of National Employment (LINE) report for November 2016. The manufacturing hiring index will rise by 1.5 points and the service index will fall by 6.7 points compared with a year ago.
Elsewhere, the U.S. Bureau of Labor Statistics (BLS) reported that the U.S. labor force added 161,000 jobs in October, and the nation’s unemployment rate was 4.9 percent, down slightly from 5.0 percent in September. Some of the biggest job gains were in professional and business services (+43,000 jobs) and health care (+31,000).
Job openings remain at high levels: The most recent BLS Job Openings and Labor Turnover (JOLTS) report showed there were 5.4 million job openings on the last business day of August, a decrease of 388,000 from July. Job openings decreased over the month for total private (-348,000) and government (-39,000).
Recruiting difficulty eased in October, movement was mixed in new-hire compensation: In October, HR professionals' level of recruiting difficulty dropped in both sectors compared with October 2015. The index for new-hire compensation rose slightly in manufacturing and fell in services in October compared with a year ago, according to the LINE report.
SHRM JOB MARKET DATA AND RESOURCES
U.S. BUREAU OF LABOR STATISTICS
Employment Situation: October 2016'Total nonfarm payroll employment rose by 161,000 in October, and the unemployment rate was little changed at 4.9 percent.'
Job Openings and Labor Turnover: August 2016 'On the last business day of August, there were 5.4 million job openings. The job openings rate was 3.6 percent. Job openings decreased in a number of industries, with the largest changes occurring in professional and business services (-223,000), durable goods manufacturing (-29,000), and arts, entertainment, and recreation (-28,000).'
Metropolitan Area Employment and Unemployment: September 2016'Unemployment rates were lower in September than a year earlier in 224 of the 387 metropolitan areas, higher in 141 areas and unchanged in 22 areas. Twenty-six areas had jobless rates of less than 3.0 percent and three areas had rates of at least 10.0 percent.'
Real Earnings: September 2016'Real average hourly earnings increased 1.0 percent, seasonally adjusted, from September 2015 to September 2016. This increase in real average hourly earnings combined with a 0.3-percent decrease in the average workweek resulted in a 0.8-percent increase in real average weekly earnings over this period.'
U.S. BUREAU OF ECONOMIC ANALYSIS
Personal Income and Outlays: September 2016'Personal income increased $46.7 billion (0.3 percent) in September. Disposable personal income increased $37.0 billion (0.3 percent) and personal consumption expenditures increased $61.0 billion (0.5 percent).'
Gross Domestic Product: Q3 2016, Advance Estimate'Real gross domestic product increased at an annual rate of 2.9 percent in the third quarter of 2016, according to the "advance" estimate released by the Bureau of Economic Analysis. In the second quarter, real GDP increased 1.4 percent.'
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