U.S. employers added 210,000 jobs in November, the lowest monthly gain since December 2020 and not even half the total that economists had expected. But the unemployment rate plunged from 4.6% to 4.2%. Here are five takeaways from the November jobs report.
FILE - A hiring sign is placed at a booth for prospective employers during a job fair Wednesday, Sept. 22, 2021, in the West Hollywood section of Los Angeles. America’s employers slowed the pace of their hiring in November, adding a still-solid 210,000 jobs, the fewest in nearly a year. Friday, Dec. 3, report from the Labor Department also showed that the unemployment rate fell sharply to 4.2% from 4.6%.
For months, America’s job market has been steadily recovering from last year’s brief but intense pandemic recession. In March and April 2020, employers slashed 22 million jobs — a record loss, by far — as governments ordered lockdowns and consumers hunkered down at home to avoid infection.Since then, employers have added back nearly 18.5 million jobs. Huge government spending and the widespread rollout of vaccines have nurtured economic activity back toward pre-pandemic norms.
Overall, the percentage of Americans either working or looking for work — the so-called labor force participation rate — rose to 61.8%, the highest proportion since March 2020.How could last month’s job gain have been so disappointing when the unemployment picture brightened so much?Stanley at Amherst Pierpont calls last month’s jobs report “one of the most confounding that I have ever seen.
But to determine unemployment, it calls households and asks whether the adults living there are working. Those who don’t have a job but are looking for one count as unemployed. Stanley said he suspects that last month’s payroll gain was tepid mainly because employers can’t find enough workers to fill their job openings, which were at a near-record 10.4 million in September.Leisure and hospitality companies, hit hard when the pandemic struck last year, have been on a hiring spree for much of this year, having added 242,000 jobs a month through October. But last month, their hiring increase slowed sharply to just 23,000.
Warehouse and transportation jobs are already 4% above their pre-pandemic level of February 2020. By contrast, retail employment fell by more than 20,000 last month and is still down 1% from before the pandemic.
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