BREAKING: America’s employers slowed the pace of their hiring in November, adding 210,000 jobs, the fewest in nearly a year. The Labor Department also showed that the unemployment rate fell sharply to 4.2% from 4.6%.
Folsom Vice Mayor Sarah Aquino wrings out a rag before cleaning a table at Back Bistro in Folsom, Calif., on Tuesday, Nov. 23, 2021. Aquino is an insurance broker. But she took a part-time job at one of her favorite local restaurants because they were struggling to hire people. Employers have reported a shortage of workers to meet demand as more people return to normal habits following the disruption of the coronavirus pandemic. Aquino sees it as her civic duty to help out local businesses.
Friday’s report from the Labor Department also showed that the unemployment rate fell sharply to 4.2% from 4.6%. That is a historically low level though still above the pre-pandemic jobless rate of 3.5%. Beneath the headline figures on hiring and unemployment, though, lurks a potentially even more consequential question: Are more people who lost jobs to the pandemic recession finally coming off the sidelines to look for work again? Many more job-seekers are needed to help companies fill their open jobs and sustain the economy’s growth.
Even as the jobless rate has steadily declined this year, the proportion of Americans who are working or looking for work has barely budged. A shortage of job-seekers tends to limit hiring and force companies to pay more to attract and keep employees. Higher pay can help sustain spending and growth. But it can also feed inflation if businesses raise prices to offset their higher labor costs, which they often do.One result is that there are now 4.
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