This content is not available due to your privacy preferences. With the latest emergence of the Omicron variant, these myriad factors may further inhibit a rebound in labor force participation. The labor force participation rate had been 63.3% in February 2020 before the pandemic meaningfully impacted the job market.Įconomists have attributed the stubbornly depressed participation rate to a host of factors, including lingering concerns about COVID-19 infections, difficulties finding child care and a desire by many workers to leave their jobs and pursue roles with more flexibility, wages or benefits. The labor force participation rate ticked up slightly more than anticipated in November, however, to reach 61.8%, versus the 61.7% consensus economists were expecting and the 61.6% posted in October. As of November, the civilian labor force was still down by about 2.4 million participants, compared to February 2020. Payrolls grew by 546,000 in October, versus the 531,000 previously reported, while jobs grew by 379,000 in September compared to the 312,000 posted in the first estimate.īut despite the solid rehiring throughout the year, labor force participation remains short of pre-pandemic levels. Though the payroll gain in the November jobs report disappointed sharply compared to expectations, job growth for October and September were each upwardly revised. "Moreover, we remain skeptical that a further significant recovery in the labor force lies ahead – particularly given the worsening virus situation and the potential Federal vaccine mandate," he added. economist for Capital Economics, wrote in a note on Friday. With new cases now on the rise again even before the potential impact of the Omicron variant, leisure sector employment growth looks set to remain weak over the winter," Andrew Hunter, senior U.S.
"The headline miss was largely due to a muted 23,000 rise in leisure and hospitality payrolls, indicating that the nascent winter wave of virus infections was now weighing on the sector. In the goods producing sector, motor vehicle and parts employers also shed jobs, erasing more than 10,000 positions after adding 19,300 in October. Retail trade employers shed payrolls on net, with these dropping by more than 20,000 after job gains of nearly 40,000 in each of October and September. Leisure and hospitality industries, which had seen some of the biggest job gains in recent months, added just 23,000 payrolls after October's increase of 170,000. Service sector employment growth did decelerate notably in November compared to October, however. employers have added back jobs on net in every month so far in 2021 as vaccinations, reopenings and a recovery in the high-contact services industries helped boost hiring. 5.0% expected and a revised 4.8% in October 0.4% expected, 0.4% in OctoberĪverage hourly earnings, year-over-year: 4.8% vs. 4.5% expected, 4.6% in OctoberĪverage hourly earnings, month-over-month: 0.3% vs. +550,000 expected and a revised +546,000 in October Here were the main metrics from the print, compared to consensus estimates compiled by Bloomberg: The Labor Department released its November jobs report Friday at 8:30 a.m. economy added back fewer jobs than expected in November, while the unemployment rate fell further than anticipated to the lowest since February 2020.
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