Today's Jobs Report
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US hiring stumbles in November as economy adds just 210,000 new jobs
Economists expected payrolls to increase by 550,000 in November.
U.S. job growth significantly undershot expectations in November, suggesting that difficulty in attracting new workers is weighing on the labor market's recovery from the pandemic, even as COVID-19 cases dissipate nationwide.
The Labor Department said in its monthly payroll report released Friday that payrolls in November rose by just 210,000, well below the 550,000 jobs forecast by Refinitiv economists. The unemployment rate (which is calculated based on a separate survey) dropped more than expected to 4.2% from 4.6% — the lowest level since the pandemic began.
The labor had been gaining momentum after a delta-induced slowdown over the summer, but the latest figure marks a significant drop from October's upwardly revised number of 546,000 and September's upwardly revised 379,000. There are still about 3.9 million fewer jobs than there were last February, before the crisis began.
