December 13, 2022
The U.S. economy added +263,000 jobs in November.
![](https://www.patrickchovanec.com/wp-content/uploads/2022/12/Screen-Shot-2022-12-13-at-3.23.21-PM.png)
The jobs number for September was revised down by -46,000 and October was revised upwards by +23,000, for a net revision of -23,000.
Leisure and hospitality added the most jobs (+88k), followed by health care (+45k) and government (+42k). Construction gained +20,000 jobs and manufacturing gained +14,000. Retail lost -30,000 jobs and transportation and warehousing lost -15,000.
The U.S. unemployment rate for November remained unchanged at 3.7%.
![](https://www.patrickchovanec.com/wp-content/uploads/2022/12/Screen-Shot-2022-12-13-at-3.26.51-PM.png)
The labor participation rate declined to 62.1%, and remains noticeably below pre-Covid levels. The exit of so many people from the workforce has the effect of lowering the measured unemployment rate.
![](https://www.patrickchovanec.com/wp-content/uploads/2022/12/Screen-Shot-2022-12-13-at-3.28.05-PM.png)
Many of the people who dropped out the workforce during Covid were older. The employment-to-population ratio among prime working-age people has been steadily rising back to pre-Covid highs. However, in recent months, it has also seen small decline back to 79.7%.
![](https://www.patrickchovanec.com/wp-content/uploads/2022/12/Screen-Shot-2022-12-13-at-3.33.02-PM.png)
Average hourly wages rose by +0.6% m/m in November, up +5.1% from a year ago. However, with inflation running at +7.1% y/y, this represents a decline in average real wages.
![](https://www.patrickchovanec.com/wp-content/uploads/2022/12/Screen-Shot-2022-12-13-at-3.35.17-PM.png)
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