American employers added another 210,000 jobs to the economy in November, far fewer than expected, the Bureau of Labor Statistics reported Friday. The unemployment rate fell to 4.2%, a new pandemic-era low.
It was the smallest number of jobs added to the US economy since December 2020, when the economy actually shed jobs amid a surge in Covid cases. Economists had expected more than double the number of jobs created in November, forecasting a continuation of the buoyant economic recovery over the past two months. Instead, the November jobs gain was more reminiscent of the pre-pandemic economy, when employers added a smaller but steady number of positions.
Simons expected to see either retail or leisure and hospitality payrolls to rise. The latter sector added some jobs, but not many, last month.However, taking out the seasonal adjustments, the retail sector actually added more than 300,000 jobs. This points to weaker holiday hiring than normal — especially as employers continue to struggle with a shortage of workers — rather than retailers laying people off.Overall, the economy is still down 3.9 million jobs from its pre-pandemic levels.
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