The U.S. economy created far fewer jobs than expected in November, before a new Covid threat created a scare that growth could slow into the winter, the Labor Department reported Friday. Nonfarm payrolls increased by just 210,000 for the month, though the unemployment rate fell sharply to 4.2% from 4.6%, even though the labor force participation rate increased for the month to 61.8%, its highest level since March 2020.
The Dow Jones estimate was for 573,000 new jobs and a jobless level of 4.5% for an economy beset by a chronic labor shortage. Despite the disappointment, markets largely shrugged off the numbers, with stocks pointing to a higher open on Wall Street. Initial jobs tallies this year have seen substantial revisions, with months showing low counts initially often bumped higher.
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Biden will address the report this morning.
The U.S. added just 210,000 jobs in November, way below economists’ forecasts https://t.co/1TIxzeYL3H
— MarketWatch (@MarketWatch) December 3, 2021
— Bloomberg (@business) December 3, 2021