US: Fewer New Jobs Added in November

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In November, the number of jobs added in the United States was lower than a month earlier. The 210,000 new jobs that the US Department of Labor counted even meant the lowest growth this year. Unemployment fell again and now stands at 4.2 percent.

 

The new figures underscore employers’ stories of being understaffed, as, in October, 546,000 more jobs were added in the US. Restaurants and shops in the US are particularly affected by this.

The job market is now so tight that people can get better-paying jobs. In addition, many Americans also do not want to work at a company where they have to deal with customers all the time during the corona pandemic. Car companies also hired fewer new staff. As a result, job growth could suffer further from the Omikron variant, requiring more corona measures.

The jobs report also shows that many people who had previously been inactive for a long time in the labour market have now registered again. As a result, Americans also worked slightly more hours per week, and the average hourly wage went up 4.8 percent.

Despite the disappointing job growth, the numbers could support the Federal Reserve if the US central bank decides to reduce corona support even faster. Unemployment decreased, and the American population participating in the labour market also increased. The Fed aims not only for stable prices but also for maximum employment.

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