November Jobs Report Falls Short of Expectations

November Jobs Report Falls Short of Expectations

(RepublicanPress.org) – The US Bureau of Labor Statistics released its November Employment Situation Summary on Friday, December 3. Informally known as the “jobs report,” the summary showed that nonfarm employment increased by 210,000 in December, far below October’s growth of 531,000 and less than half of the Dow Jones estimated growth of 573,000.

Fortunately, the data included in the report wasn’t all bad. For example, Dow Jones predicted that unemployment would hit 4.5% for November. However, the jobs report showed that unemployment decreased from 4.6% in October to 4.2%. Additionally, the work force participation rate increased to 61.8%.

In November, the employment to population ratio rose to 59.2%, which is a much higher number than the ratio of 51.3% recorded in April 2020. Towards the beginning of the COVID-19 pandemic, the number sat at 61.1%.

Nick Bunker, an economic researcher, told CNBC the jobs report told two different stories. First, it indicated accelerated employment gains and an increased number of workers “returning to the [nation’s] labor force.” Second, the payroll survey showed “significant deceleration in job growth,” especially in areas impacted by the COVID-19 pandemic.

What are your thoughts about the new job report? Do you think the nation is heading in the right direction?

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