US hiring stumbles in November as economy adds just 210,000 new jobs

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from FoxBusiness,

U.S. job growth significantly undershot expectations in November, suggesting that difficulty in attracting new workers is weighing on the labor market’s recovery from the pandemic, even as COVID-19 cases dissipate nationwide.

The Labor Department said in its monthly payroll report released Friday that payrolls in November rose by just 210,000, well below the 550,000 jobs forecast by Refinitiv economists. It marked the worst month for job creation so far this year. The unemployment rate (which is calculated based on a separate survey) dropped more than expected to 4.2% from 4.6% — the lowest level since the pandemic began.

The labor had been gaining momentum after a delta-induced slowdown over the summer.

“Today’s employment report is doubly disappointing, because the reference week occurred just as it looked like Covid was on the retreat,” said Justin Wolfers, a University of Michigan economist.

The report wasn’t all bad news, however: The labor force participation rate rose to 61.8%, wages rose 4.8% from a year ago and the survey of households offered a brighter outlook, pointing to an employment gain of 1.13 million for the month.

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