Last Week in Economic News: November 30 – December 4, 2020
Economy Adds Jobs for 5th Consecutive Month; Black, Hispanic Americans Seeing Increased Job Gains
- The overall economy created 245,000 jobs. The private sector alone created 344,000 jobs.
- The overall unemployment rate dropped 0.2 percentage points to 6.7%.
- The labor force participation rates for Black and Hispanic women increased which provided for a healthy decline in their respective unemployment rates.
- Temporary layoffs decreased by 441,000 while permanent job losses remained unchanged suggesting little permanent scarring occurred in the labor market to date.
(About the Employment Situation: The Employment Situation tracks how many jobs were created/lost, the unemployment rate, and wages. This report gives the clearest monthly snapshot of the health of the economy.)
ISM Manufacturing and Non-Manufacturing
Manufacturing and Service Sectors Continue Recovery Streak
- The ISM Manufacturing PMI shows seven consecutive months of overall economic expansion with 16 of 18 industries reporting growth.
- The ISM Non-Manufacturing PMI shows six consecutive months of growth in the services sector with 14 of 18 industries reporting growth.
(About ISM Manufacturing: The Institute for Supply Management surveys purchasing and supply executives on the current state of their industries and their contributions to GDP. The results of the survey provide a snapshot of the health of U.S. manufacturing and service-providing sectors.)
NFIB Small Business Optimism Index
When: Tuesday, December 8, 2020
About the NFIB Small Business Optimism Index: The NFIB Small Business Optimism Index provides an insight into small businesses’ sentiment and economic outlook on labor markets, capital spending, sales, etc.
When: Wednesday, December 9, 2020
About the JOLTS Report: The JOLTS Report provides a snapshot of labor demand. It reports the amount of job openings, hires, and voluntary/involuntary separations.