December 2014: Across the U.S., last month was a stellar month for hiring — and getting hired.
According to the U.S. Bureau of Labor Statistics, 321,000 new jobs were created in November nationwide. That’s about a 40% increase over what was originally expected.
What’s more, CNN Money reported that not only was the job growth significant, it was widespread, with 70% of U.S. industries adding jobs.
To further convey the significance of the 70% figure, hiring has not been this widespread for 16 years. By contrast, only five years ago 86% of all industries were eliminating jobs.
In addition, businesses are asking their employees to work longer hours, along with moving some part-time workers to full-time status. Employers say they expect to be adding jobs in 2015.
While most industries are adding jobs, there are still a few sectors where cuts are being made.
Department stores and electronics chains have been making cuts as their popularity trends downward, fueled by increased consumer reliance on online shopping. Also cutting jobs are textile and clothing manufacturers, coal mining companies, and some government jobs.
For CNN’s report on the nation’s encouraging jobs market, click here.
A division of UC San Diego Extension, the Center for Research on the Regional Economy (CRRE) analyzes the ever-evolving trends that shape local, national, and international economies. Josh Shapiro, Ph.D, serves as director.