The November jobs report announced that unemployment is at 6.7%, which declined by .2% from the October unemployment rate of 6.9%. This was a much smaller decrease than previous months we’ve seen, potentially signaling that rehiring is slowing down.
There is still a total of 10.7 million people unemployed, which is steadily decreasing, however still 4.9 million higher than in February 2020.
Overall, 245,000 jobs were added across all industries, in October there were 638,000 jobs added. Jobs specific to leisure and hospitality increased by 31,000, which is the smallest increase we have seen in the past few months. 17,000 of those new jobs are food and beverage-specific jobs. Despite adding 4.8 million jobs back since April, the industry is still down 3.4 million jobs since February.
The current hospitality unemployment rate is at 15.0%, a 1.3% decrease from the 16.3% unemployment rate reported in October.
The number of temporary layoffs – or furloughs – is at 2.8 million, which decreased by 441,000 from October. This number is down considerably from 18.1 million in April but is still 2.0 million higher than it was in February.
The Department of Labor reported that another 712,000 workers filed for unemployment the week of December 3rd.