U.S. job gains miss expectations in November; unemployment rate falls to 6.7%
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Source: Reuters
By Lucia Mutikani
3 MIN READ
WASHINGTON (Reuters) - The U.S. economy added the fewest workers in six months in November, hindered by a resurgence in new COVID-19 cases that, together with a lack of more government relief money, threatens to reverse the recovery from the pandemic recession.
Nonfarm payrolls increased by 245,000 jobs last month after rising by 610,000 in October, the Labor Department said on Friday. That was the smallest gain since the jobs recovery started in May. The fifth straight monthly slowdown in job gains left employment well below its February peak.
The closely watched employment report only covered the first two weeks of November, when the current wave of coronavirus infections started. Infections, hospitalizations and death rates have sky-rocketed, leading some economists to anticipate a drop in employment in December or January as more jurisdictions impose restrictions on businesses and consumers shun crowded places like restaurants.
Economists polled by Reuters had forecast payrolls increasing by 469,000 jobs in November. Hiring peaked 4.781 million in June. Reports on consumer spending, manufacturing and services industries have suggested a slowdown in the recovery from the worst recession since the Great Depression.
Reporting by Lucia Mutikani; Editing by Chizu Nomiyama
Read more: https://www.reuters.com/article/us-usa-economy/u-s-job-growth-slows-sharply-long-term-unemployment-rises-idUSKBN28E0IB?il=0
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Now mind you this is the same labor department being overseen by a trump lackey that has been fudging the numbers.........and then there is this so called bi-partisan bill......................
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