November Jobs Report: Lowest Unemployment Rate in 9 Years

by Hanna Olivera on December 2, 2016

2016 national jobs reportThe Bureau of Labor Statistics’ November 2016 jobs report revealed that a total of 178,000 jobs were created during the month of November. The unemployment rate dipped to 4.6 percent, and there was a continued increase in professional and business services sector job creation.

Unemployment Rate Dips Again

The unemployment rate dropped 0.3 percent in November 2016 to only 4.6 percent, supported by a 387,000 decline in the number of unemployed persons compared with October 2016. This is the lowest unemployment rate since August 2007.

The average number of jobs created per month for the last three months is 176,000, marking the 74th consecutive month jobs have been added to the economy.

Revisions to previous months: The change in total nonfarm payroll employment for September was revised from +191,000 to +208,000,  and the change for October was revised from +161,000 to +142,000.

Wages Rise Over the Year

The average hourly wage of U.S. workers declined three cents to $25.89. Over the year, there has been a rise of 2.5 percent in average hourly earnings.

Notable Drop in Tech Unemployment Rate

571,000 jobs were added to the professional and business services sector over the year, with 63,000 added in November. Professional and technical services created 23,700 of these November jobs.

The specific areas seeing the most growth in the professional and technical services sector include:

  • Accounting and bookkeeping services (+17,700 jobs in November 2016)
  • Computer systems design and related services (+5,400 jobs in November 2016)
  • Management and technical consulting services (+3,500 in November 2016)

The unemployment rate for professional and technical services was 2.5 percent in November 2016, a sharp decline of 0.5 percent from October.

November Jobs Report Fast Facts

Hire Top Tech Talent in 2016

While the IT industry continues to add jobs, the competition to hire the best talent will continue to heat up. Modis can help you stay ahead in 2016 and connect your business with the very best tech professionals. Learn more about how we can move your business forward or contact us today!

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