U.S. economy adds 245,000 jobs in November, a 'red flag that momentum is waning'
The last jobs report to be released this year has arrived, and it's a major disappointment.
The Labor Department on Friday said the U.S. economy added 245,000 jobs in November, which was down from the 440,000 jobs economists were expecting, CNBC reports. It was also "by far the lowest monthly total since the economy started its halting recovery," NBC News reports. In October, 610,000 jobs were added, the Labor Department says. The unemployment rate in November also dipped from 6.9 percent to 6.7 percent.
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This disappointing report comes as COVID-19 cases spike around the United States, prompting states to implement new restrictions. The jobs numbers offered a "red flag that momentum is waning," The Washington Post's Heather Long wrote, while former White House deputy press secretary and CNBC contributor Tony Fratto said that although the addition of 245,000 jobs "would be a very good normal jobs day," this "isn't a normal jobs day and so it's quite a horrible number."
Politico's Ben White echoed that sentiment, writing that "the pace of jobs coming back is heading toward zero" and adding that "it's quite possible, given the pace we are on, that we could return to net job losses in December, especially with no new stimulus."
