December 05, 2022

Unemployment rate unchanged in November

Data FlashThe Bureau of Labor Statistics issued the November jobs report Friday, which revealed that the unemployment rate remained at 3.7 percent during the month. NAFCU Chief Economist and Vice President of Research Curt Long analyzed the report in a new NAFCU Macro Data Flash report.  

“The key figure from the November jobs report was wage growth, which accelerated during the month,” said Long. “That dents hopes that inflation has peaked and that the Fed will begin rapidly decelerating rate hikes.”

Non-farm payrolls increased 263,000 last month, while the October (+23,000) and September (-46,000) payrolls were revised.

Results among major private sector industries were mostly positive in November. Leisure and hospitality led the way with 88,000 jobs, followed by education and health (+82,000), then government (+35,000). Retail trade, however, fell 30,000 jobs.

“NAFCU anticipates that the fed funds rate will exceed five percent in 2023 before the FOMC is comfortable pausing rate hikes,” noted Long. 

Labor force participation fell slightly to 62.1 percent. Average hourly earnings grew 18 cents in November, while year-over-year wage growth was at 5.1 percent.  

“Credit unions remain at the forefront of inflation concerns and will continue providing safe and affordable financial products and services to Americans across the country,” concluded Long. 

For more economic updates from NAFCU's award-winning research team, view NAFCU's Macro Data Flash reports.