The job growth rate continues to be dismal and is well below estimates as the effect of the pandemic lingers. Employees across the US could add only 210,000 jobs this November. The bleak figures are well below expected ones for it to be considered a stellar year.
The gloomy figures by the Labor Department are in sharp contrast to the 573,000 expected jobs as predicted by economists as the October figures were a healthy 531,000.
Wages saw a rise of 4.8% this year and unemployment figures were also down from 4.6% to 4.2%.
The business and professional services sector witnessed the strongest job growth. Healthy job growth was also seen in the transportation sector.
Steve Rick, the chief economist at the CUNA Mutual Group said that the inability to build on the job growth in October was an unsettling factor. He said that the onset of winter will only increase the instability and uncertainty.
Job Growth Affected By Several Factors But Is Temporary Feel Experts
He said that it was natural that this month would see a dip in job growth as the nation faced a fresh emergency in the form of the Omicron variant of the COVID-19 virus. Rising inflation and the crisis in the supply chain were factors that have contributed to the slide, he said.
Though the numbers have been disappointing, actual figures over the months have been a huge rise from initial estimates. The emergence of variants, the seasonality, and the issue of finding workers have been factors affecting job growth.
The CEO and president of the American Staffing Association, Richard Wahlquist says that companies are taking advantage of a strong economy to add to their talent bench and are also upgrading their firm requirements and hiring processes. He said that members are upbeat about the prospects and strength of the American economy.
The economy has recovered after a slight slowdown after the emergence of the Delta variant. The Omicron variant remains an area of concern but experts believe that it is only a matter of time before job growth is back to normal.