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Labor Department: 263,000 jobs added

Posted at 4:52 PM, Dec 02, 2022
and last updated 2022-12-02 20:44:34-05

PHOENIX — The labor department reported the U.S. added 263,000 jobs in November.

Before the COVID-19 pandemic, this would have been a larger-than-average report.

Since the recovery began, however, the figure is more modest. While technically slowing, monthly added U.S. jobs reflect what economists hope is a return to normal.

At the start of the COVID-19 pandemic when lockdowns were announced the U.S. shed more than 20 million jobs to 130 million in the April report, lower than at any point in the past ten years.

Job recovery began immediately and in July of this year, the total number of non-farm jobs surpassed the pre-pandemic high reported in February 2020, a recovery period of 28 months. Today the job market is at 101% of pre-pandemic levels.

In the eight years leading up to February 2020, the average number of jobs added in the U.S. monthly was about 198,000.

Once lockdown-driven job losses ended in May of the same year, job numbers picked up quickly. Since November 2020 the average monthly number of added jobs has been about 450,000.

Monthly job reports since November 2021 have fluctuated enormously.

One month early in 2021 added as many as 700,000 jobs, but only added 400,000 the following month. The 263,000 added in November is the lowest monthly number since April of 2021.

Local economist Jim Rounds told ABC15 that he was happy with the number.

It did not sway his belief that the US will still likely go into recession sometime next year. Unlike most recessions, Rounds believes this one will be different.

“I think we are looking at a more white-collar recession going forward because we are already hearing about tech companies laying people off.” Rounds said.