Report: The U.S. financial system solely created 245,000 jobs in November as lawmakers proceed to work on a stimulus settlement
The Bureau of Labor Statistics reported this morning that the United States In November, the economy created only 245,000 jobs, seasonally adjusted, 224,000 fewer than forecast.
Although the unemployment rate in November (6.7%) is lower than the unemployment rate in October (6.9%), this is due to the fact that more workers left the workforce in November. 3.9 million non-workforce people have been unable to find work due to the catastrophic impact of the Covid-19 pandemic on the job market.
In a message to customers, Michael Pearce, US senior economist at Capital Economics, wrote, “The sharp slowdown in the pace of non-farm wage increases to 245,000 in November underscores how the renewed spike in virus cases and restrictions weighs on demand for services, which is all will intensify even more month. "
The news comes as the Congressional legislature continues to work on a stimulus package. In Washington there is hope that lawmakers will be able to agree on coronavirus aid for an omnibus expenditure bill before December 11.
Senate Majority Leader Mirch McConnell, R-Ky., Confirmed he had spoken to House Speaker Nancy Pelosi, D-Calif., About a stimulus deal that many Americans are hoping to see before the benefits later this month officially expire.
“Yes, we had a good conversation. I think we're both interested in getting a result, both for the omnibus and a coronavirus package, ”said McConnell.
Alan is a New York-based writer, editor, and news junkie.