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Economy added 245K jobs and unemployment dipped to 6.7% in November as recovery slowed
by Jay Heflin, Business Editor |
 | December 04, 2020 08:31 AM

The economy added 245,000 jobs, and the unemployment rate dipped to 6.7% in November, the Labor Department reported on Friday.

The gains were much less than forecasters expected and represented the weakest monthly hiring total since April as the pace of job creation has slowed amid rising COVID-19 infections and new business restrictions.

In normal times, the jobs numbers would have been strong, but the economy is still missing millions of jobs that were lost last spring.

“My concern is we’re not seeing evidence that there are new employers opening and creating brand new jobs. … We’re still backfilling the 10 million jobs that we’re still short from February,” said Jane Oates, the president of WorkingNation, a nonprofit campaign focused on employment, and a former U.S. Department of Labor official in the Obama administration.

The labor market has recovered over half of the 22 million jobs lost in the spring due to the pandemic. Oates said that with the current pace of employment, the country will not return to pre-pandemic employment levels for at least another year.

“Do the math: It’ll take us almost a year [from now] to get back to where we were in February,” she said.

Meanwhile, the number of long-term unemployed increased by 385,000 in November to 3.9 million and accounts for 36.9% of the total unemployed. Workers also left the job market last month, as the participation rate edged down to 61.5% and is 1.9% below its level in February, before the pandemic hit the nation.

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https://www.washingtonexaminer.com/news/economy-added-245-000-jobs-and-unemployment-dips-to-6-7-in-november-as-market-claws-back-lost-jobs
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