The low number of jobs added indicates the labor market is still struggling to add back jobs lost during the pandemic
Though unemployment fell to its lowest level in nearly two years, the U.S. added back a worse-than-expected 210,000 jobs in November—indicating the labor market is still struggling to add back jobs lost during the pandemic amid the looming threat of a new coronavirus variant.... [+]November’s new job gains were significantly less than the roughly 575,000 new jobs expected by economists, according to dataDespite the worse-than-expected report, the unemployment rate clocked in at 4.
The number of unemployed people in the United States fell by 542,000 to 6.9 million, which is much better than pandemic highs around April 2020 but still more than the 5 million in February 2020, the government said. Additionally, the labor force participation rate, which measures the percentage of workers who are employed or actively seeking employment, edged up to 61.8%, but has barely budged since June 2020.
The U.S. has thus far recovered about 80% of the 20.5 million jobs U.S. employers cut between March and April of last year.“Friday’s weaker-than-expected jobs report adds to the fear we’ve seen this week with the omicron variant, and it may stoke fears of stagflation, which consists of slower economic growth and higher inflation,” Jay Pestrichelli, the CEO of Florida-based investment firm Zega Financial, said in an email.
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