November Jobs Report: Surging Virus, Slowing Economy
In November, the economy generated 245,000 jobs; the unemployment rate edged down to 6.7 percent. The economy is slowly pulling out of the deep hole it fell into when the coronavirus struck in the first quarter.
Gross domestic product (GDP) increased strongly in the third quarter as more businesses reopened, lockdowns eased, and some schools reopened. But when the Fall season arrived, and the flu threat returned, the virus surged throughout the country. Social distancing restrictions were reintroduced, limiting in-store service in bars, restaurants, and other businesses, reducing revenue.