U.S. Economy Adds 245,000 Jobs in November as Hiring Slows
The resurgence of the coronavirus curtails hiring as job gains slow.
U.S. economy added 245,000 jobs in November — far fewer than expected
The unemployment rate fell to 6.7% from 6.9%
Long-term unemployed grew to 3.9 million people
The U.S. economy added 245,000 jobs in November, and the unemployment rate fell to 6.7% from 6.9% as the pace of hiring slowed amid a resurgence in COVID-19 cases and business closures. Economists had expected gains of around 450,000 jobs for the month, but continuing layoffs in the services sector of the economy, which includes travel, leisure, and hospitality, struggled to outpace gains in other industries. The number of people temporarily unemployed decreased by 441,000 to 2.8 million, a significant drop from the high of 18.1 million people in April, according to the U.S. Department of Labor.1 The number of permanent job losses stands at 3.7 million, which was unchanged from October, but 2.5 million higher than in February. The number of people who have been unemployed for 27 weeks or more continued to climb with 385,000 Americans joining the ranks, bring the long-term unemployed number to a grim 3.9 million, or 36.9% of the total. Gains By Sector In November, notable job gains occurred transportation and warehousing, professional and business services, and health care. Meanwhile, employment in government and retail trade declined. Unemployment by Race and Gender The recovery in the labor market continues to be uneven by race, with Black and Hispanic unemployment still significantly higher than for White and Asian workers. The unemployment rate among all major working groups slightly declined in November. The unemployment rates for women decreased to 6.1%, while the rate for men remained at 6.7%.