Skip to comments.Job growth disappoints in November, with a gain of just 210,000, despite high hopes (missed- by more than 300K)
Posted on 12/03/2021 7:15:03 AM PST by God luvs America
The U.S. economy created far fewer jobs than expected in November, in a sign that hiring started to slow even ahead of the new Covid threat, the Labor Department reported Friday.
Nonfarm payrolls increased by just 210,000 for the month, though the unemployment rate fell sharply to 4.2% from 4.6%, even though the labor force participation rate increased for the month to 61.8%, its highest level since March 2020.
The Dow Jones estimate was for 573,000 new jobs and a jobless level of 4.5% for an economy beset by a chronic labor shortage.
A more encompassing measure of unemployment that includes discouraged workers and those holding part-time jobs for economic reasons dropped even more, tumbling to 7.8% from 8.3%. The survey of households painted a more optimistic jobs picture, indicating an employment gain of 594,000 for the month.
“This report is a tale of two surveys,” said Nick Bunker, economic research director at jobs placement site Indeed. “The household survey shows accelerating employment gains, workers returning to the labor force, and low levels of involuntary part-time work. The payroll survey shows a significant deceleration in job growth, particularly in COVID-affected sectors.”
Yet they keep bleating about the unemployment claims being sooooooo low. Lack of claims does NOT mean those dropping off the roles are working. Butt, too many people are a little slow on the uptake. Everywhere we go we see help wanted signs. Been seeing them for over a year. Talked to a health care worker yesterday and she said she was extremely frustrated due to the shortage of folks at the hospital. A lot of them apparently just quit. We didn’t ask why but sneaky suspicion CONvid shots may have played a part. Or lack thereof.
“Green jobs” always disappear into crony donor bank accounts. That’s ‘why’ they love the green agenda.
Job growth of just 210,000 and the unemployment rate drops from 4.5% to 4.2%?
If it drops another 210,000 in December, will the new rate be 3.9%?
Can I apply that logic to my tax return?
"Reportable Income" is what I have left after all my expenses are covered....
Of course. That’s Democrat math for you.
Hasn’t every month been unexpectedly bad? The tone here seems to be that November was a sort of anomaly. I don’t think so. And the very predictable “unexpected” is annoying.
So they expected nearly 500k jobs to be added with jobless rate of 4.5. They get 200k jobs and the jobless rate goes to 4.2 with an increase of people looking. Basic math miss by those estimating. These are experts?
It was actually a good report. The headline doesn’t tell the real story. But it’s fashionable to be depressed right now.
Could it be all those people who would not submit to the mandatory vax??
How so when you miss by so much. I guess the glass is half full if you are a Brandon supporter.
Big disjunct between data sources. Unemployment and labor participation come from the household survey, payroll numbers come from payroll reports. Someone is going to have to reconcile that. Its happened before, but this month is way more than usual.
“Gallup reveals Bidenflation causing hardship for nearly half of Americans”
It’s funny how people will trust negative headlines and not even read the entire article about the subject. Ignorance is not beneficial to one’s economic life.
The household survey is a good report. The question is how accurate is it?
I like the St. Louis Fed EMRATIO. It gets both labor force and employment with no gaming. That one shows there is still quite a way to go to “normal”.
We may find out next month. Either the household survey or the employment report will adust, up or down. It may be timing, it may be seasonality adjustment being off, who knows.
That is a very useful report.
But wahh-wahhing is in fashion, conservatives have completely lost their mojo. Conservatives used to be fighters and problem solvers, now we just sit around crying like little babies and whining about boogie men.
Big miss in the article is that the markets are actually having a bad day. Futures missed bad.
Wonder how many illegals were hired but not reported we see nothing here.
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