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According to the latest Job Openings and Labor Turnover report from the Bureau of Labor Statistics (released December 8th, 2021), the number of job openings increased to 11 million at a rate of 6.9 percent on the last business day of October. The industries that saw the highest rate of job openings include accommodation and food services, nondurable goods manufacturing, and educational services.
In addition to new job openings, the end of October also saw less job separations with a total of 5.9 million at 4 percent. With this lowered separation rate, a 6.9 percent job opening growth rate, and a decrease in unemployment to 4.2 percent in November, we continue to see a growing labor shortage affecting many industries.
Over the past 12 months, average hourly earnings have continued to increase by 4.8 percent. In November of 2021, the average hourly earnings of private nonfarm payrolls increased to $31.03 per hour. The average hourly earnings for production and nonsupervisory employees specifically increased to $26.40 per hour as employers struggle to compete in the growing labor shortage.
In addition to pay rate increases, the average workweek for all employees also increased to 34.8 hours in November.
Professional and Business Services lead the job growth in November with roughly 90,000 new jobs added. Job gains continued in administrative and waste services with a total of 42,000 jobs added. Job growth also continued in management, technical consulting, computer system design, and related services.
Other notable changes occurred in some industries as follows:
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Sources:
Bureau of Labor Statistics. (2021a, December). JOB OPENINGS AND LABOR TURNOVER – OCTOBER 2021. https://www.bls.gov/news.release/pdf/jolts.pdf
Bureau of Labor Statistics. (2021b, December). THE EMPLOYMENT SITUATION — NOVEMBER 2021. https://www.bls.gov/news.release/pdf/empsit.pdf
