“Unemployment Plunges to 3.7% – U.S. Adds 199k Jobs in November!

The U.S. Labor Department released the most recent jobs report this morning and there is good news to report. The U.S. added an impressive 199,000 jobs in November and the unemployment rate fell to 3.7%, its lowest level since 1969. This report is encouraging news as the U.S economy is still recovering from the effects of the pandemic. With the added jobs, economists predict that the economy will continue to stay on track to recovery. The labor force participation rate also increased to 61.5%, which indicates that more people are now looking for work. The sectors that added the most jobs include healthcare, transportation and utilities, professional and business services, and leisure and hospitality, with manufacturing and construction also gaining ground. This report indicates that industries most affected by the pandemic are slowly recovering. The job growth in November is the latest in a string of positive economic reports that have been released in recent months. The U.S. GDP rose in the third quarter indicating that the overall economy remained robust despite the pandemic. Additionally, weekly jobless claims which measure those individuals who are currently unemployed have declined substantially since the beginning of the pandemic. Though the economy is still on its path to recovery, there still remains a long way to go. In order for the economy to truly recover, there must be an increased hiring of the 8.1 million people who remain unemployed. Another major hindrance to recovery is the lack of consumer spending due to the pandemic. As consumers remain cautious and continued to stay home, business revenue will remain low. Overall, the most recent jobs report is a positive sign, but it does not guarantee a complete economic recovery. The report indicates that more people are getting back to work, but there is still a long way to go before the U.S. can reach pre-pandemic levels. As the holiday season approaches, it will be interesting to see if the job additions continue to or slow down.