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.
"Today's report is a firm reminder that we're not out of the woods yet," Glassdoor economist Daniel Zhao said, per CNBC. “Even with a vaccine on the horizon, many are bracing for a long winter ahead."
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
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."
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Brendan worked as a culture writer at The Week from 2018 to 2023, covering the entertainment industry, including film reviews, television recaps, awards season, the box office, major movie franchises and Hollywood gossip. He has written about film and television for outlets including Bloody Disgusting, Showbiz Cheat Sheet, Heavy and The Celebrity Cafe.
-
Foreigners in Spain facing a 100% tax on homes as the country battles a housing crisis
Under the Radar The goal is to provide 'more housing, better regulation and greater aid,' said Spain's prime minister
By Justin Klawans, The Week US Published
-
Codeword: January 22, 2025
The Week's daily codeword puzzle
By The Week Staff Published
-
Sudoku medium: January 22, 2025
The Week's daily medium sudoku puzzle
By The Week Staff Published
-
US port strike averted with tentative labor deal
Speed Read The strike could have shut down major ports from Texas to Maine
By Peter Weber, The Week US Published
-
Biden expected to block Japanese bid for US Steel
Speed Read The president is blocking the $14 billion acquisition of U.S. Steel by Japan's Nippon Steel, citing national security concerns
By Peter Weber, The Week US Published
-
Judges block $25B Kroger-Albertsons merger
Speed Read The proposed merger between the supermarket giants was stalled when judges overseeing two separate cases blocked the deal
By Peter Weber, The Week US Published
-
Rupert Murdoch loses 'Succession' court battle
Speed Read Murdoch wanted to give full control of his empire to son Lachlan, ensuring Fox News' right-wing editorial slant
By Peter Weber, The Week US Published
-
Bitcoin surges above $100k in post-election rally
Speed Read Investors are betting that the incoming Trump administration will embrace crypto
By Peter Weber, The Week US Published
-
Enron mystery: 'sick joke' or serious revival?
Speed Read 23 years after its bankruptcy filing, the Texas energy firm has announced its resurrection
By Peter Weber, The Week US Published
-
US charges Indian tycoon with bribery, fraud
Speed Read Indian billionaire Gautam Adani has been indicted by US prosecutors for his role in a $265 million scheme to secure solar energy deals
By Peter Weber, The Week US Published
-
Boeing machinists approve contract, end strike
Speed Read The company's largest union approved the new contract offer, ending a seven-week strike
By Peter Weber, The Week US Published