November Jobs Report Is One Of The Worst Since Biden Took Office

CORRECTION: This story has been updated to reflect that the number of jobs created in November is among the lowest initially reported for a single month in 2021.

The U.S. economy added 210,000 jobs in November, marking nearly the lowest number of jobs created in a month since President Joe Biden took office in January.

November’s jobs report was well below economists’ estimate of 573,000, according to CNBC. Additionally, unemployment fell to 4.2% from October’s 4.6% figure, according to the Bureau of Labor Statistics.

The U.S. economy, still recovering from the COVID-19 pandemic but now subject to uncertainty related to the Omicron coronavirus variant, appeared to slow in momentum in November, The Wall Street Journal reported.

The US economy added 210,000 jobs in November, far fewer than expected as the economy continues to recover from pandemic-inflicted damage https://t.co/3iynpSaXU8

— CNN Breaking News (@cnnbrk) December 3, 2021

“Just as Delta derailed the recovery in terms of the labor market, if Omicron behaved like that, I would guess it would hold back any recovery in the labor market,” Justin Weidner, an economist at Deutsche Bank, told the WSJ.

“Greater concerns about the virus could reduce people’s willingness to work in person, which could slow progress in the labor market and intensify supply-chain disruptions,” Federal Reserve Chairman Jerome Powell said in Senate Banking Committee testimony on Tuesday.

The BLS initially reported that 194,000 jobs were added to the economy in September, the lowest number of new jobs for a single month in 2021, but that figure was revised substantially in October to 312,000 jobs, CNBC reported.

COLUMN BY

HARRY WILMERDING

Contributor.

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