US Employers Added Just 245,000 Jobs in November
12/4/2020 3:12:45 PM

US employers scaled back their hiring in November as the COVID-19 pandemic accelerated across the country, adding only 245,000 jobs, representing the fewest since April and the fifth straight monthly slowdown.

According to a Labor Department Friday report, the unemployment rate fell to a still-high 6.7 percent from 6.8 percent in October, pointing out that Novemberís job gain was down from 610,000 in the previous month.

The closely watched employment report also revealed a surge in people experiencing long periods of joblessness, putting pressure on the US House of Representatives to come up with another rescue package as soon as possible.

The Labor Department said that its report only covered the first two weeks of November, when the current wave of COVID-19 infections started.

Hospitalizations, infections and death rates have sky-rocketed, leading some US economists and financial analysts to anticipate a drop in employment in December or January as more jurisdictions imposed lockdown measures.

Article © Fourth Estate - All Rights Reserved.
Provided by FeedSyndicate
Courtesy: FeedSyndicate