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Unemployment rate and new jobs decline


KFC advertises open positions in Richardson, Texas, on Monday. Associated Press/Photo by LM Otero

Unemployment rate and new jobs decline

The Labor Department released two reports on Friday. The first detailed that the economy added 210,000 new jobs in November, far below forecasts of 550,000. It was the weakest monthly gain in a year, and it represents less than half the number of jobs added in October. But the lack of jobs did not appear to affect unemployment. The latest data shows 1.1 million people said they found new jobs last month, decreasing the unemployment rate from 4.6 to 4.2 percent.

Why the difference? Economists are calling the Labor Department’s numbers “a tale of two surveys.” Entertainment and restaurant industries drastically slowed hiring in November, and retailers cut 20,000 positions. This shows that seasonal hiring will not be strong during the holidays. But transportation, warehousing, and construction added more than 80,000 jobs. The unemployment rate only counts people who are actively looking for a job, but data show 600,000 people who were not looking for a job returned to the workforce in November.

Dig deeper: Listen to financial analyst David Bahnsen discuss how economics and culture are intertwined.


Carolina Lumetta

Carolina is a reporter for WORLD Digital. She is a World Journalism Institute and Wheaton College graduate. She resides in Harrisburg, Pa.

@CarolinaLumetta

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SAWGUNNER

I was reading about the super hard time employers are having hiring what are euphemistically termed "assistant mgrs". In the olden pre pandemic days an asst mgr job was the fast track to eventual full-blown managerhood. But not no more. With entry level peon employees scarce these days in restaurant and other hospitality jobs, these days the asst mgr finds him or herself doing lots of basic grunt level trench work ALONG WITH customary management jobs like re-ordering supplies and updating inventory. There was a great story on this phenomenon in today's WSJ. So the solution? Turn the asst mgr job into "general manager". You will still work in excess of 60 hours a week with no overtime pay but you'll sound much more important.