U.S. Nonfarm Payrolls Up 210K in November, Unemployment Rate 4.2% -- Update
By David Harrison
The U.S. economy added just 210,000 jobs in November, a slowdown
in hiring that clouds a recovery amid new Covid-19
The slower pace of hiring last month--the smallest monthly gain
since last December--followed an upwardly revised increase of
546,000 jobs in October, the Labor Department said Friday. The
unemployment rate fell to 4.2% as more people joined the labor
force, the department added.
Average wages rose 4.8% from a year ago, 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 economy over the past couple of months appeared to have been
rebounding from a summertime slowdown caused by the Covid-19 Delta
variant and supply-chain disruptions. Household spending picked up
1.3% in October from the previous month, outpacing inflation, as a
strengthening labor market and accumulated household savings
prompted consumers to splurge.
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.
Now, the Omicron variant presents another threat to the
recovery, depending on how easily it spreads and responds to
vaccines, treatments and past infection. Another surge in cases
could make people nervous about leaving the house to work or shop,
resulting in slower economic growth.
Write to David Harrison at email@example.com
(END) Dow Jones Newswires
December 03, 2021 09:08 ET (14:08 GMT)
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