U.S. added 'disappointing' 210,000 jobs in November |
The U.S. economy added 210,000 jobs in November, the smallest number of jobs added to the economy since December 2020. Economists polled by the Wall Street Journal had forecast 573,000 new jobs. The unemployment rate fell to 4.2% as more people joined the labor force, the department added, while average wages rose 4.8% from a year ago to $31.03 an hour, as workers continued to see pay increases amid higher inflation. The share of people either working or looking for work rose to 61.8% in November from 61.6% in October, suggesting that wage increases are starting to draw workers off the sidelines. The retail sector lost 20,000 jobs in November, with losses concentrated in general merchandise, clothing and sporting goods stores that were partly offset by increases in food and beverage stores and building supply stores. Transportation and warehousing added 50,000 positions and professional and business services added 90,000. Justin Wolfers, an economist at the University of Michigan, said the report is "doubly disappointing," adding: "This was a moment for people to return to malls and to return to work. The COVID-related news has only gotten worse since then." However, RSM chief economist Joe Brusuelas commented: "We expect that the topline establishment survey will be revised upward over the next two to three months and will look more like what the household survey is showing: the labor market is tightening, and wages are rising in what is the best labor market for workers since the late 1990s."