The U.S. economy added 210,000 jobs in November, marking the fewest in a single month since President Joe Biden took office in January.
November’s jobs report was well below economists’ estimate of 573,000, according to CNBC. Additionally, unemployment fell to 4.2% from October’s 4.6% figure, according to the Bureau of Labor Statistics.
The U.S. economy, still recovering from the COVID-19 pandemic but now subject to uncertainty related to the Omicron coronavirus variant, appeared to slow in momentum in November, The Wall Street Journal reported.
“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, told the WSJ.
“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,” Federal Reserve Chairman Jerome Powell said in Senate Banking Committee testimony on Tuesday.
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