Last Week in Economic News: November 30 – December 4, 2020

December 7, 2020 — Blog    — Coronavirus Bulletin   

Jobs Report

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.)

Coming Up:

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.

 JOLTS Report

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.

 

SUBCOMMITTEE: Full Committee    SUBCOMMITTEE: Select Revenue Measures    SUBCOMMITTEE: Worker and Family Support