In November, employment slowed sharply, despite a sharp drop in COVID-19 cases, eased childcare restrictions, and expired unemployment benefits.
According to the Ministry of Labor, the economy has increased the employment of 210,000 people and the unemployment rate calculated from another survey has dropped from 4.6% to 4.2%.
According to a Bloomberg survey, economists estimate that 545,000 jobs were added last month.
The disappointing increase in work does not reflect the discovery of an Omicron variant of COVID in South Africa last week. This is because it was too late to influence the employment survey.
The United States has recovered 18.4 million, or 82%, of the 22.4 million jobs lost during the spring 2020 pandemic. This will bring the United States below pre-crisis levels by about 4 million people.
There were some positive signs in the report. Salary increases in September and October totaled an increase of 82,000 over the two months, with an average increase of 462,000.
And the workforce (composed of Americans working or looking for a job) has grown by nearly 600,000 and is returning to an improving employment market where many bystanders are offering higher wages. Emphasizes that. The percentage of people over the age of 16 who participate in the workforce has risen from 61.6% to 61.8%.
It may help alleviate the miserable labor shortage.
Employer demand for workers has been strong for months, but labor shortages have led to solid employment growth, but not a big hit. In September, COVID’s Delta type warns many Americans, prevents many schools from fully reopening, takes care of distance learning children, and postpones returning to work or job hunting. I forced my parents to do that.
However, according to the US Centers for Disease Control and Prevention, 81% of Americans over the age of 12 are fully vaccinated, and children aged 5 to 11 are also initially vaccinated. New daily COVID cases have decreased from approximately 95,000 to 82,000 over the last 10 days and from 150,000 since early September. Meanwhile, the school has largely reopened.
And three months have passed since the federal government’s enhanced unemployment allowance expired to about 11 million people. As a result, the percentage of Americans working or looking for a job in September and October did not rise as expected, but some economists still hope for a boost to make it happen. Was there.
Several wildcards could darken the job market in the coming months, including the Omicron variant of COVID, which was first discovered in South Africa last week.
Andrew Hunter, an economist at Capital Economics, said President Biden’s employee vaccination or testing obligations for companies with more than 100 employees will come into effect on January 4, allowing some workers to quit. It states that it has sex.
Lydia Busur, an economist at Capital Economics, said she hopes US salaries will return to pre-COVID levels by the second half of next year.
But she added, “You may find that the path forward is more bumpy than expected.”
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Job reports show that 210,000 jobs have been added due to slow hiring in November.
Source link Job reports show that 210,000 jobs have been added due to slow hiring in November.