According to a report, employers across America have slowed down their recruitment in November. US employers only added 210,000 new jobs, the lowest since the beginning of the year.
However, the report released on Friday by the Labor Department also showed that the unemployment rate in the United States fell from 4.6 percent to 4.2 percent, indicating that more people said they had jobs. It’s a historic low unemployment rate, but it is over the pre-pandemic average of 3.5 percent.
In the end, the November job numbers suggest a strong employment market and economic recovery that appears to be resilient, even being threatened by a rise in inflation, shortage of supplies and workers, and the looming impact of the Omicron variant.
Since the beginning of the year, employers have struggled with the shortage of workers, as many of those who lost their jobs due to the pandemic had not, due to various reasons, been able to return to work. In the past month, however, more Americans left the job market to search for work and were typically hired fast.
This positive trend suggests that November was a better month in terms of jobs growth than the moderate 210,000 increase that the government announced during its Friday survey of companies. The rate of unemployment is calculated based on an independent household poll. The survey revealed that 1.1 million people said that they were employed last month. The results of both surveys generally match in the long term but often diverge in a given month, as they did in November.
The household survey discovered that the total number of unemployed Americans declined during November to 6.9 million, barely above the pre-pandemic figure, which was 5.7 million. Average wages are rising in the effort of employers to draw or retain workers, which grew by a hefty 4.8 percent from last year.