The November employment report states the U.S. economy added 210,000 jobs.
According to Harry Wilmerding of the Daily Caller, these figures are nearly the lowest number of jobs created within a month since Joe Biden assumed the presidency in January.
Economic experts projected 573,000 jobs to be created in November. However, CNBC noted that November’s official figures fell well below economists’ projections.
According to the Bureau of Labor Statistics, unemployment numbers fell to 4.2% from the 4.6% figure in October.
The American economy is still recovering from the COVID-19 pandemic, and the vigorous responses governments at all levels have taken to combat it.
According to The Wall Street Journal, the emergence of the Omicron coronavirus variant has created additional uncertainty throughout the American economy. As a result, economic growth has slowed in the past month.
“Just as Delta derailed the recovery in terms of the labor market, if Omicron behaved like that, I would guess it would hold back any recovery in the labor market,” Justin Weidner, an economist at Deutsche Bank, said to the WSJ.
During a Senate Banking Committee testimony on November 30, 2021, Federal Reserve Chairman Jerome Powell declared, “Greater concerns about the virus could reduce people’s willingness to work in person, which could slow progress in the labor market and intensify supply-chain disruptions.”
The lowest number of jobs added for a single month in 2021 was 194,000 in September, however, according to a CNBC report, that number was significantly changed in October to 312,000 jobs.
