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Economy Overview

United States

Report | United States Employment Update - December 2013

Summary

November witnessed the addition of 203,000 new jobs to the U.S. economy, bringing the job recovery rate to 85.2 percent of peak employment. Unemployment dropped by 30 basis points to a recovery low of 7.0 percent, but remains elevated compared to historical norms. Continuing the trend seen throughout 2013, growth was balanced across sectors, with PBS, education and health and leisure and hospitality dominating monthly and year-to-date gains. Small contractions in financial and information employment pushed down the office-using contribution to November’s gains, while transportation and warehousing posted above-average monthly growth. Heading into the end of 2013, the combination of consistent monthly payroll increases and a slow-but-surely falling unemployment rate is likely to build momentum in the coming months, when the national economy will approach and eventually reach previous peak employment.

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