The disappointing U.S. jobs growth of 210,000 positions in November seems to be an outlier. There are more promising signs for the economy, like the labor participation rate ticking up after months of stagnation.
A worker moves boxes of goods to be scanned and sent to delivery trucks during operations on Cyber Monday at Amazon's fulfillment center in Robbinsville, New Jersey, U.S., November 29, 2021.of 210,000 positions in November seems to be an outlier. There are more promising signs for the economy, like the labor participation rate ticking up after months of stagnation.
Economists surveyed by Reuters expected payrolls to add 550,000 jobs. But there have been big upward revisions by the Labor Department throughout this year, including in Friday’s report that tacked on an additional 82,000 jobs for September and October. The same could happen later for the November figure.
Other indicators are going in the right direction for the economy. The unemployment rate fell by 0.4 percentage points to 4.2% while the employment-to-population ratio rose.The Omicron variant is a concern that could further hamper a chance at a recovery. Leisure and hospitality added a tepid 23,000 positions while retail lost 20,000 jobs. But a record number of people quit their jobs in September, with 0.7 unemployed persons for every job opening.
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