Summary of the Bureau of Labor Statistics Monthly Employment Situation Report

The U.S. economy added 245,000 non-farm jobs in November, below the 410,000-job growth forecast by economists. The unemployment rate edged down to 6.7 percent. While November is the seventh consecutive month of both job growth and unemployment rate improvement, the pace of that improvement has moderated reflecting the ongoing coronavirus and efforts to contain it.

However, as noted by Wall Street Journal reporter Sarah Chaney Jones, current vaccine rollout plans will be a factor in future job growth, “The labor-market recovery from the pandemic’s job destruction this spring has been stronger than most economists forecast. Many expect widespread vaccine distribution to eventually help lift the economy as businesses are allowed to reopen and consumers feel more comfortable traveling, going to the movies and returning to other in-person activities involving proximity to other people.”

The BLS reported in November, 21.8 percent of employed persons teleworked because of the coronavirus pandemic, up from 21.2 percent in October. These data refer to employed persons who teleworked or worked at home for pay at some point in the last four weeks specifically because of the pandemic.

Labor Market Snapshot

Charts 1 and 2

Commenting on the October report, Sameer Samana, senior global market strategist at The Wells Fargo Investment Institute noted to Fox Business, “While disappointing, this news should be somewhat offset by the increasing odds of another fiscal stimulus package, and a Fed that stands ready and willing to do more to help the economy.”

Looking to future months, David Berson, chief economist at Nationwide Mutual Insurance Co. provided an additional optimistic outlook to the WSJ, “As infection rates go down, as the number of people vaccinated goes up, then we’ll start to see…business activity expand at a faster rate, and we will see the employment numbers pick up more strongly.”

Full Report

The full Bureau of Labor Statistics report can be downloaded here:

PDF of Full Report

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