FOREX TradingCharts.com

Financial News: U.S. Employment Rises Much Less Than Expected Amid

U.S. Employment Rises Much Less Than Expected Amid Surge In Coronavirus Cases

12/04/2020 - 09:40:00 (RTTNews)

(RTTNews) - Reflecting renewed restrictions amid the recent surge in new coronavirus cases, the Labor Department released a report on Friday showing U.S. job growth slowed by much more than anticipated in the month of November.

The Labor Department said non-farm payroll employment rose by 245,000 jobs in November after jumping by a downwardly revised 610,000 jobs in October.

Economists had expected employment to increase by 469,000 jobs compared to the addition of 638,000 jobs originally reported for the previous month.

The weaker than expected job growth was partly due to the loss of 99,000 government jobs amid a decline in the number of temporary census workers.

At the same time, the report also showed a decrease in retail employment as well as a significant slowdown in the pace of job growth in the leisure and hospitality sector.

The Labor Department said the increase in employment in November reflected notable job gains in transportation and warehousing, professional and business services, and healthcare.

Despite the weaker than expected job growth, the report said the unemployment rate dipped to 6.7 percent in November from 6.9 percent in October. The unemployment rate was expected to edge down to 6.8 percent.

However, the bigger than expected drop in the unemployment rate came as a 400,000-person decline in the labor force far outpaced the 74,000-person drop in the household measure of employment.

"The latter is not too much of a concern given it follows a 2.3 million gain in October, but the drop in the labor force, which is now 4 million below its pre-pandemic level, is a worrying sign that the unemployed are giving up looking for work," said Michael Pearce, U.S. Senior Economist at Capital Economics.

The report said average hourly employee earnings rose by $0.09 or 0.3 percent to $29.58 in November. Annual wage growth was unchanged from the previous month at 4.4 percent.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2020 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT INTERNATIONAL FINANCIAL NEWS


Singapore House Prices Rise At Faster Pace In Q4 (47 min(s), 05 sec(s) ago)
(RTTNews) - Singapore house prices increased at a faster pace in the fourth quarter, the Urban Red ...Full Story»

European Economics Preview: UK Retail Sales, PSNB, PMI Data Due (01 hr(s), 02 min(s), 05 sec(s) ago)
(RTTNews) - Retail sales, public sector finances and flash Purchasing Managers' survey results ...Full Story»

Australia Retail Sales Sink 4.2% In December (30 min(s), 55 sec(s) ago)
(RTTNews) - The total value of retail sales in Australia were down a seasonally adjusted 4.2 perce ...Full Story»

Japan Manufacturing PMI Slips To 49.7 In December - Jibun (25 min(s), 55 sec(s) ago)
(RTTNews) - The manufacturing sector slipped into contraction in December, the latest survey from ...Full Story»

Japan Overall Inflation Sinks 1.2% On Year In December (25 min(s), 55 sec(s) ago)
(RTTNews) - Overall consumer prices in Japan were down 1.2 percent on year in December, the Minist ...Full Story»

New Zealand Inflation Climbs 1.4% On Year In Q4 (55 min(s), 55 sec(s) ago)
(RTTNews) - Consumer prices in New Zealand jumped 1.4 percent on year in the fourth quarter of 202 ...Full Story»

New Zealand Consumer Prices Rise 1.4% On Year In Q4 (25 min(s), 55 sec(s) ago)
(RTTNews) - Consumer prices in New Zealand were up 1.4 percent on year in the fourth quarter of 20 ...Full Story»

Australia Manufacturing PMI Jumps In January - Markit (05 min(s), 55 sec(s) ago)
(RTTNews) - The manufacturing sector in Australia continued to expand in January, and at a faster ...Full Story»

Search

INTERNATIONAL FINANCIAL NEWS

Singapore House Prices Rise At Faster Pace In Q4

01/22/2021 - 00:31 AM (RTTNews)
(RTTNews) - Singapore house prices increased at a faster pace in the fourth quarter, the Urban Red ...Full Story>>

European Economics Preview: UK Retail Sales, PSNB, PMI Data Due

01/22/2021 - 00:16 AM (RTTNews)
(RTTNews) - Retail sales, public sector finances and flash Purchasing Managers' survey results ...Full Story>>

Australia Retail Sales Sink 4.2% In December

01/21/2021 - 19:49 PM (RTTNews)
(RTTNews) - The total value of retail sales in Australia were down a seasonally adjusted 4.2 perce ...Full Story>>

Japan Manufacturing PMI Slips To 49.7 In December - Jibun

01/21/2021 - 19:44 PM (RTTNews)
(RTTNews) - The manufacturing sector slipped into contraction in December, the latest survey from ...Full Story>>

Japan Overall Inflation Sinks 1.2% On Year In December

01/21/2021 - 18:44 PM (RTTNews)
(RTTNews) - Overall consumer prices in Japan were down 1.2 percent on year in December, the Minist ...Full Story>>

Do not sell my personal information

Copyright © 2021. All market data is provided by Barchart Solutions. Information is provided "as is" and solely for informational purposes, not for trading purposes or advice. To see all exchange delays and terms of use, please see disclaimer.