- The United States added just 210,000 jobs in November, missing an average estimate of 550,000 payrolls.
- Unemployment fell to 4.2 percent from 4.6 percent. It fell short of economic estimates.
- The report points to a slowdown in jobs as the Delta tide recedes and Omekron concerns grow.
The supply-chain crisis stalled in November as jobs resumed and virus cases escalated.
The U.S. economy added 210,000 non-farm payrolls last month, the Bureau of Labor Statistics said Friday morning. This falls far short of the Bloomberg survey’s average estimate of 550,000 jobs for economists.
The report shows a dramatic reduction in jobs from October’s revised profit of 546,000. Healthy job growth was expected to expand in November when the delta wave hit jobs during the summer. Even so, owning one is still beyond the reach of the average person. The number of virus cases increased during the month following the October sliding. The supply chain crisis eased somewhat but remained a threat to recovery. Various barriers have delayed employment plans for potentially affected firms.
According to the report, the unemployment rate fell to 4.2 percent from 4.6 percent. Economists expect 4.5% reading.
The number of unemployed Americans fell by 542,000 in November. About 6.9 million people were unemployed when the report’s survey period ended in the middle of last month. There are about 3.9 million jobs in the economy before payroll returns to pre-crisis heights.
The average hourly wage rose 8 cents, or 0.3 percent, to 31 31.03 last month. This is well below the agreed estimate of 0.4% increase. Rising wages in recent months have pushed back the pre-crisis trend as firms seek to re-employ. Low wages have become the focus of employment in the service industry as workers point to weak wages due to labor shortages. With the start of employment in September and the resignation still at historic highs, it is likely that the extraordinary tightness of the labor market will continue until the end of the year.
There is a good chance that the November report is final before Omicron appears to be hiring a variety of data services. Cases have already been reported in California and Minnesota, raising fears of new economic sanctions. The United States has already imposed travel bans on several countries to prevent the spread of the virus. Although little is known about the variety, early signs indicate that it is spreading rapidly.
Even if it is known that vaccines protect against omecron, new types of concerns could hinder recovery.
Chair Jerome Powell testified before the Senate Banking Committee on Tuesday.
“More worries about the virus could reduce people’s willingness to work personally, slowing progress in the labor market and disrupting the supply chain,” Powell said.
Dig deeper into November job benefits
Friday’s release takes a closer look at where recruitment was strongest and which sectors struggled the most last month.
Businesses added the most jobs in the professional and business services sector, benefiting 90,000 payrolls a month. The transportation and warehousing sector then added 50,000 jobs. The entertainment and hospitality sector, which has been a major source of employment throughout the year, saw a dramatic slowdown in recruitment in November, adding only 23,000 jobs a month.
The retail sector has lost 20,400 seasonally adjusted jobs, indicating that stores are not seeing the usual increase in holiday season services.
U-6 Unemployment Rate – a broad range that includes those who are modestly attached to the labor force and those who work part-time for economic reasons – down from 8.3% to 7.8% Gone During epidemics, the rate has become new because millions of Americans are only partially connected to the job market.
Approximately 3.6 million Americans said they were unable to work in November because their employers closed due to epidemics, down from 3.8 million in October. About 1.2 million Americans cited the corona virus because they did not find work last month, which was almost the same as last month.
Telecommunication has become easier because the cases of viruses have become more severe. About 11.3% of employees worked long hours in November. This compares to 11.6% in October and points to another move towards pre-crisis normalcy.