February 4, 2023

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US: Fewer new jobs added in November

US: Fewer new jobs added in November

ANP Products | Source: ANP


The number of jobs added to the U.S. in November is less than a month earlier. The U.S. Department of Labor estimates 210,000 new jobs representing the slowest growth this year. Unemployment fell again to 4.2 percent.

New figures underscore employers’ stories of understaffing as another 546,000 jobs were added in the United States in October. Restaurants and shops in the United States in particular have been affected.

The labor market is so tight now that people can get better paying jobs. In addition, many Americans do not want to work for a company that has to deal with clients constantly during corona infections. Car companies have also hired fewer new employees. Job growth may be further affected by the Omigron variant, which may require more corona operations.

Jobs Report

The employment report also shows that many who had not been active in the labor market for a long time have now re-registered. Americans also worked slightly more hours per week, with average hourly wages rising 4.8 percent.

Despite disappointing job growth, the numbers will support the Federal Reserve if the US Federal Reserve decides to cut corona support even faster. Unemployment fell and the percentage of the American population participating in the labor market increased. The central bank is not only aiming for fixed prices, but also for maximum employment.

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