November Jobs Report Misses Expectations; Unemployment Rate Drops to 4.2%
Headline Roundup December 3rd, 2021
The U.S. economy added 210,000 jobs in November and the unemployment rate fell from 4.6% to 4.2%, according to Labor Department data released Friday.
The number of jobs added was down considerably from October's figure and was far fewer than expected; economists surveyed by Dow Jones estimated that 573,000 jobs would be gained. It was the lowest number of jobs added to the economy since December 2020. Meanwhile, the unemployment rate improved beyond the 4.5% rate predicted by economists and fell to its lowest point since the start of the pandemic. Job growth slowed significantly in some industries, such as restaurants and hospitality, but remained steady in the warehousing and transportation sectors.
Outlets across the spectrum framed the jobs numbers as disappointing, but focused on different details. Reports from right-rated outlets tended to focus solely on the jobs numbers and how labor shortages are exacerbating inflation and supply chain issues. Coverage from left- and center-rated outlets often highlighted the positive unemployment rate data and framed it as being indicative of a steady economic recovery.
The November jobs report looked disappointing at first glance, but the details show that the recovery is very much moving along.
US employers added another 210,000 jobs to the economy in November, far fewer than expected, the Bureau of Labor Statistics reported Friday. It was the smallest number of jobs added to the US economy since December 2020, when the economy actually shed jobs amid a surge in Covid cases.
Economists had expected more than double the number of jobs created in November, forecasting a continuation of the buoyant economic recovery over the past two months....
America’s unemployment rate tumbled last month to its lowest point since the pandemic struck, even as employers appeared to slow their hiring — a mixed picture that pointed to a resilient economic rebound that’s putting more people to work.
The government reported Friday that private businesses and other employers added just 210,000 jobs in November, the weakest monthly gain in nearly a year and less than half of October’s gain of 546,000.
But other data from the Labor Department’s report painted a much brighter picture. The unemployment rate plummeted from 4.6% to...
The U.S. economy added 210,000 jobs in November, the Labor Department reported Friday, far lower than the Dow Jones estimate of 573,000 jobs.
Meanwhile, the unemployment rate fell to 4.2 percent, exceeding experts’ 4.5 percent prediction.
Leisure and hospitality added just 23,000 jobs last month after accounting for a significant amount of job growth for much of the economy’s recovery.
The report is based on surveys taken before the first cases of the omicron COVID-19 variant were detected in South Africa, but the report comes amid heightened concern that the...