U.S. jobs growth slowed during November while the unemployment rate reduced to lowest since pandemic started. Decrease in unemployment numbers may allow the U.S. government to consider withdrawal of stimulus support.
Fewer Jobs Created
The U.S. economy managed to add only 210,000 jobs during November. This is on the back of more than 500,00 jobs additon in October. This is a steer drop-off from the economists forecast of 550,000 jobs. Monthly job gains averaged 555,000 since the start of the year.
Decrease in Unemployment Rate
On the other hand, the unemployment rate reduced to 4.2% from 4.6% in October 2021. This is notably significant as more than half a million workers returned to work. The number of women getting back to work also increased. During pandemic, drops in unemployment rate was result of people leaving the workforce because of public health concerns, child-care challenges and retirement.
The uneven jobs report was gathered from two separate surveys and the Bureau of Statistics complied this report. The U.S. economy is witnessing higher prices, supply chain shortages and labor short falls. These fluctuations in jobs data are another indicator of turmoil in the economic recovery. “Holistically this report looks pretty good,” said Drew Matus, chief market strategist for MetLife Investment Management. “More people are participating in the economy, and fewer of them are unemployed. When you take those two together, I think they’re more important than what the headline payroll figure might look like.”
Jobs in Various Sectors
Coronavirus cases began to rise across United States. Yet November’s job gains were slowest of the year so far. Leisure and hospitality sector is the most affected sector and managed to add only 23,000 jobs. It is still down 1.3 million jobs from February 2020. Healthcare is down by 450,000 compared to pre-pandemic level and there was an addition of only 2,000 new jobs. Job creation in other sectors like wholesale trade and public and private education remained flat during the previous month.
There were gains in some sectors including professional and business services (90,000 jobs), transportation and warehousing (50,000 jobs) and construction and manufacturing (31,000 jobs).
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