November Jobs Report: U.S. Is on the Path to Stable, Balanced Economic Growth in 2022
Dr. Bernard E. Anderson
Whitney M Young, Jr. Professor Emeritus, The Wharton School, University of Pennsylvania
Senior Economic Advisor, National Urban League
In November, private payroll employment increased 250,000, while government employment declined by 25,000. The unemployment rate declined 0.4 points to 4.2%. In contrast to the payroll report, the household survey showed an increase in employment 1.14 million, the sharpest gap ever between the two surveys.
The numbers suggest that employment growth is adjusting to the labor market distortions generated by Covid 19 and is reverting to the mean. The average monthly growth over the last three months was 275,000, close to the average monthly job growth reported in the two years before the pandemic of 250,000 to 300,000 jobs.