The unemployment rate ticked down, but a lot of that is people who have stopped looking:
U.S. job growth slowed sharply in November, suggesting the labor-market recovery is losing steam amid a surge in coronavirus cases and new business restrictions.
Employers added 245,000 jobs last month, down from 610,000 jobs in October, the Labor Department reported Friday. The unemployment rate edged down slightly to 6.7% in November from 6.9% a month earlier, but that was partly because fewer Americans were seeking work.
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Employers boosted jobs in transportation and warehousing last month, likely reflecting holiday hiring for e-commerce roles. Government payrolls declined by nearly 100,000, largely reflecting the roll-off of temporary workers hired for the 2020 census. Employment also fell in the retail category that includes bricks-and-mortar stores.
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Economists say there are persistent risks of labor-market scarring. Many individuals, facing increased child-care responsibilities or limited job opportunities, have stopped looking for work altogether during the pandemic. The labor-force participation rate, or the share of Americans working or looking for work, was 61.5% in November. That is up from April’s trough, but remains near the lowest level since the 1970s.
The number of individuals out of the labor force who want a job increased in November to 7.1 million, Friday’s Labor Department report said.
The best metric we have for all of this is workforce participation, and it remains down.
In fact, it reached its peak 20 years ago, though the aging of the workforce has something to do with this.
From the perspective of the average job seeker, we have been in a recession for 20 years, which might explain and Trump Evil Minions™.
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