MONTHLY JOBS REPORT UNDERWHELMS
Written by Peter Boykin on December 12, 2021
MONTHLY JOBS REPORT UNDERWHELMS
Recently the Labor Department reported that the U.S. economy added just 210,000 jobs in November. Economists had predicted 573,000. Close to 1/3 of expected job gains. This was the worst monthly gain since December 2020.
Perspective: In April 2020 we lost over 20 million jobs due to the pandemic. And as the economy slowly returns to normal, these monthly jobs numbers are expected to be high because all the people who lost their jobs are expected to return to work. Today, we’re still waiting for 3.9 million workers to come back to the workforce.
The silver lining is that the unemployment rate dropped from 4.6% to 4.2% – however, it’s still higher than the 3.5% pre-covid rate. But even these numbers are suspect because there are currently 5.9 million people out of work who were not counted as “unemployed” in this survey. Why? Because they were not looking for work during the time of the survey.
Things could get worse: Andrew Hunter, a senior economist at Capital Economics warned, “The disappointing 210,000 gain in non-farm payrolls in November suggests the labor market recovery was faltering even before the potential impact of the new Omicron variant.”
The politics: Democrat pollster Brian Stryker recently polled Joe Biden voters one year later voted for Republican Virginia Governor Glenn Youngkin to find out why they soured on Democrats. Here’s what he found: “People think we’re more focused on social issues than the economy — and the economy is the No. 1 issue right now.”
[Source: WSJ, ZeroHedge]
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