September 30, 2022

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Only 210,000 jobs were added in November in the United States: Did the recovery end abruptly?

The United States was able to deliver a strong employment report in October. Unfortunately, the country did not succeed in pursuing that success. But there is also a positive side: unemployment is falling.

It is much lower than expected and much lower than October. According to the official statistics office From the United States Only 210,000 jobs were created last month. This is much lower than previous predictions. They accepted twice as many new jobs. In fact, over the past two months, a strong economic recovery has been recorded on the other side of the Atlantic.

577,000 jobs were created in October. As a result of the second wave of pollution, after December 2020, the number of November decreased. However, there is also good news.

Low unemployment

Despite the creation of fewer jobs, unemployment has fallen. This is down from 4.2 percent, the lowest level since the onset of the health crisis. The employment rate has risen to 61.8 percent, the highest level since the epidemic began.

More than a million jobs have been added in the past three months, and economists say the recovery is still on track. CNN Business Those who have been interviewed and want to see for a long time. Since the beginning of the year, 6 million jobs have been created, and an average of 555,000 per month: many jobs have been added, especially in the summer.

Impact of Omigran

Variation in the story is a new element. It raises concerns at various levels and may also affect employment as it evaluates resistance to new variant infections and vaccines. But the figures for November were closed before the news of Omigron came out.

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With the job reaction now under pressure as a result of the Omigron variant, the media is wondering if November is likely to be missed to create more jobs.

Also, we should not forget the impact of the retail sector on the number of jobs. Under normal circumstances, more people will be hired as the holidays approach, but the sector has just lost its jobs (the number has dwindled due to the difficulty in recruiting people and fewer layoffs). The manufacturing, professional services, warehouse, construction and transportation sectors have created more jobs.

Really 534,000 jobs?

According to another study by ADP, 534,000 jobs were created in November. Could the difference in calculation be due to this? An expert interviewed by CNN, Thomas Simmons of Jefferies, believes that public wage data is inconsistent with other indicators that measure labor market activity, perhaps because retail is closing its contracts earlier than usual this year. This will be confirmed in the December results, or not.