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Job growth disappoints in November, with a gain of just 210,000, despite high hopes

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The U.S. economy created far fewer jobs than expected in November, before a new Covid threat created a scare that growth could slow into the winter, the Labor Department reported Friday.

Nonfarm payrolls increased by just 210,000 for the month, though the unemployment rate fell sharply to 4.2%, even though the labor force participation rate increased for the month to 61.8%, its highest level since March 2020.

The Dow Jones estimate was for 573,000 new jobs and a jobless level of 4.5%.

Leisure and hospitality, which includes bars, restaurants, hotels and similar businesses, saw a gain of just 23,000 after being a leading job creator for much of the recovery.

Despite the disappointment, markets largely shrugged off the numbers, with stocks pointing to a higher open on Wall Street.

This is breaking news. Please check back here for updates.

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