December 2020

The US Only Added 245,000 Jobs in November

According to the Bureau of Labor Statistics report released on Dec. 4. the American economy only added 245,000 November jobs on a seasonally adjusted basis.That's 224,000 less jobs than economists predicted.The sharp slowdown in the pace of non-farm payroll gains to 245,000 in November underlines how the renewed surge in virus cases and restrictions is weighing on services demand, which will only intensify this month, Michael Pearce, US senior economist at Capital Economics, via note to clients.Since less businesses hired seasonal holiday workers, the retail sector lost 35,000 jobs.Government jobs also declined due to less temporary workers being hired.Warehouse and transportation jobs continue to grow due to an increase in online shopping.Since the jobs report survey was conducted in the middle of the month, .economists fear the numbers may actually be worse considering the resurgence of coronavirus infections.