The Bureau of Labor Statistics reported this morning that the United States economy added just 245,000 jobs in November on a seasonally adjusted basis, 224,000 fewer jobs than had been projected.
Although November’s unemployment rate (6.7%) is lower than October’s unemployment rate (6.9%) this is because more workers left the workforce in November. Of those not counted among the workforce, 3.9 million people have been unable to look for work because of the Covid-19 pandemic’s disastrous effects on the job market.
In a note to clients, Michael Pearce, U.S. senior economist at Capital Economics, wrote, “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.”
The news comes as Congressional lawmakers continue to work on a stimulus package. There is hope in Washington that lawmakers can agree on coronavirus aid before the December 11 deadline for an omnibus spending bill.
Senate Majority Leader Mirch McConnell (R-Ky.) confirmed he’d spoken with House Speaker Nancy Pelosi (D-Calif.) about a stimulus deal, which many Americans are hoping to see before benefits officially expire later this month.
“Yeah, well we had a good conversation. I think we’re both interested in getting an outcome, both on the omnibus and on a coronavirus package,” McConnell said.