November Report: 210K Jobs, 4.2% Unemployment

CNBC reports:

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.

Read the full article.

Biden will address the report this morning.