By Job growth disappoints in November, with a gain of just 210,000, despite high hopes
The U.S. economy created far fewer jobs than expected in November, before a new Covid threat created a scare that growth could slow into the winter, the Labor Department reported Friday.
Nonfarm payrolls increased by just 210,000 for the month, though the unemployment rate fell sharply to 4.2%, 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%.
Leisure and hospitality, which includes bars, restaurants, hotels and similar businesses, saw a gain of just 23,000 after being a leading job creator for much of the recovery.
Despite the disappointment, markets largely shrugged off the numbers, with stocks pointing to a higher open on Wall Street.
Initial jobs tallies this year have seen substantial revisions, with months showing low counts initially often bumped higher. The October and September counts were bumped up a combined 82,000 in the report released Friday.
Sectors showing the biggest gains in November included professional and business services (90,000), transportation and warehousing (50,000) and construction (31,000). Even with the holiday shopping season approaching, retail saw a decline of 20,000.
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