Headed into this morning, the consensus forecasts pointed to job growth in November at about 261,000. We didn’t quite reach that total, but we got close.
The Bureau of Labor Statistics reported that the economy added 228,000 jobs in November, which is down slightly from October, but which is nevertheless a strong total reflecting a healthy market. The unemployment rate held steady at 4.1%, which is very low.
The revisions from the previous two months were mixed, with September’s totals revised up a little, but October’s totals revised down a little. Combined, they pointed to an addition 3,000 jobs added to the overall totals.
Providing some additional context, the U.S. added 1.97 million jobs over the first 11 months of 2012, 2.24 million over the first 11 months of 2013, 2.78 million over the first 11 months of 2014, 2.47 million over the first 11 months of 2015, 2.08 million over the first 11 months of 2016, and 1.91 million over the first 11 months of 2017.
Or put another way, while this year has been pretty good for job creation, we’re nevertheless on pace to see the slowest job growth since 2011.
Above you’ll find the chart I run every month, showing monthly changes in total jobs since the start of the Great Recession. The image makes a distinction: red columns point to monthly changes under the Bush and Trump administrations, while blue columns point to monthly job changes under the Obama administration.
Update: Here’s another chart, this one showing monthly job losses/gains in just the private sector since the start of the Great Recession.