November Jobless Rate Falls To 6.7 Pct, But US Adds Disappointing 245,000 Nonfarm Jobs
The U.S. added 245,000 jobs in November, a continued improvement since the pandemic economic crash — but worse than expected. In addition, the number of long-term jobless (27 weeks or more) grew by 385,000.
The growth in nonfarm employment went along with a further drop in the unemployment rate to 6.7 percent, the U.S. Bureau of Labor Statistics reported Friday (Dec. 4). These numbers show a slowing of the recovery, given that the nation’s unemployment rate had dropped a full percentage point, to 6.9 percent, in October.
“These improvements in the labor market reflect the continued resumption of economic activity that had been curtailed due to the coronavirus (COVID-19) pandemic and efforts to contain it,” the bureau said. “However, the pace of improvement in the labor market has moderated in recent months.”
The bureau reported that in November, notable job gains occurred in transportation and warehousing, professional and business services, and health care. However, employment declined in government and retail trade.
The transportation and warehousing sector saw jobs grow by 145,000 in November — but the total remains 123,000 below its pre-pandemic February level.
In November, employment in professional and business services increased by 60,000, with about half the gain occurring in temporary help services. In addition, the healthcare sector added 46,000 jobs in November, while construction gained 27,000 jobs.