We just have published the US labor market data in their headline numbers some minutes ago. As always, the number of new jobs in US data is by far the most important figure. Where do the jobs come from? Here our detailed look on the numbers.
From the total of 228,000 new jobs, you first have to deduct 7,000 new jobs, because they were created in the public sector. So there are 221,000 new jobs created in November by the private sector. Of this, 62,000 are attributable to the manufacturing industry. One thing must be said about Donald Trump. All the years before, the number of new jobs in this area of the economy has always been close to zero, or just a little bit above / below. Since Trump became US President, there has been a significant increase in this area. A certain euphoria of the producers is therefore statistically measurable, whether you like Trump or not.
7,000 new jobs were created in the sub segments mining, oil and gas (away with nature reserves, lets make a shale party). 24,000 jobs were created in Construction, and 31,000 in Industrial production, which is the most important part of the Economy – high-quality, well-paid jobs that will bring many more jobs!
Despite the 62,000 new jobs in the manufacturing industry, the majority of new jobs still comes from the Service Industry with +159,000 new jobs. Retail creates 18,700 new jobs, with 5,600 job cuts at clothing stores as a sub segment (the Amazon effect). Department stores increase by 6,800 jobs. The subsector “Administrative and support services” brings 24,400 new jobs, while the health and care sector adds 40,500 jobs!
As usual, we also expected the biggest increase this month in the leisure and entertainment sub-segment, but nothing there. There were only 14,000 new jobs in the part of the labor market. As a subsection of this, there were as many as 5800 fewer jobs in amusement parks, but +21.200 in bars and restaurants. This is a weak value, when you look on the growth of recent years. Because here, in the past, many low-paid jobs were created quickly and easily.
Source: US BLS