This is the smallest number of jobs added to the US economy since December 2020, when the economy actually reduced jobs amid an increase in Covid cases. Economists expect job creation to double in November, forecasting a continuation of the strong economic recovery momentum over the past two months. Instead, November’s job gains were more reminiscent of the pre-pandemic economy, as employers added a smaller but steady number of positions.
The unemployment rate fell to 4.2%, the lowest level in the pandemic era.
Professional and business services, transportation and warehousing, construction, as well as manufacturing, added the most jobs last month.
However, the retail sector, which will grow strongly during the holidays, has reduced jobs.
Thomas writes: “It is not clear if this is a seasonal issue or some change in the length of the holiday helping, but overall, payroll data does not match alternative indicators of labor market activity. movements that we monitor. Simons, money market economist at Jefferies, in a note to clients.
Simons is expected to see retail or leisure and hospitality payrolls increase. The second sector added some jobs, but not many, last month.
Overall, the economy is still down 3.9 million jobs from pre-pandemic levels.
