U.S. job growth slowed sharply in November, suggesting the labor-market recovery is losing steam amid a surge in coronavirus cases and new business restrictions.
Employers added 245,000 jobs last month, down from 610,000 jobs in October, the Labor Department reported Friday. The unemployment rate edged down slightly to 6.7% in November from 6.9% a month earlier, but that was partly because fewer Americans were seeking work.
November marked the seventh consecutive month of job gains at a steadily cooling pace. The labor market has now regained 12 million of the 22 million jobs lost at the onset of the pandemic. At November’s pace of job growth, employment won’t return to pre-pandemic levels until 2024, Glassdoor senior economist Daniel Zhao said.
“We saw positive job gains, but I think the sentiment is largely negative because we know that we’re heading into a dark winter,” Mr. Zhao said. “There is a long way to go before we actually have a vaccine in hand and make a full economic recovery.”
Employers boosted jobs in transportation and warehousing last month, likely reflecting holiday hiring for e-commerce roles. Government payrolls declined by nearly 100,000, largely reflecting the roll-off of temporary workers hired for the 2020 census. Employment also fell in the retail category that includes bricks-and-mortar stores.
