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US Employers Added 210,000 Jobs in November, Less Than Half of Estimates The Labor Department's jobs report, released Dec. 3, shows that non-farm payroll employment rose by 210,000 in November after rising by a revised 546,000 in October.

By The Epoch Times Edited by Charles Muselli

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U.S. employers added a paltry 210,000 jobs in November, sharply below consensus forecasts of 550,000 and more than half as many as in October, though the underwhelming job creation numbers triggered Wall Street stock futures to shoot up, as investors bet it would ease pressure on the Fed to accelerate its timetable for scaling back stimulus.

The Labor Department's jobs report, released Dec. 3, shows that non-farm payroll employment rose by 210,000 in November after rising by a revised 546,000 in October.

The unemployment rate fell 0.4 percentage points to 4.2 percent, a 21-month low, while the total number of unemployed persons fell by 542,000 to 6.9 million.

The labor force participation rate, a measure of people working or actively looking for work, edged up 0.2 percentage points to 61.8 percent, the report also showed. While that's an improvement over October's rate, it remains a historically depressed level. In February 2020, the labor force participation rate stood at 63.6 percent, with a historical peak of 67.3 percent in April 2000.

"Labor force participation rose, a welcome sign," Bankrate Senior Economic Analyst Mark Hamrick told The Epoch Times in an emailed statement. "Wage growth remains solid with a year-over-year gain of 4.8 percent, while mindful that inflation has been running hot."

Surging inflation and signs of continued labor market recovery have put pressure on Fed policymakers to accelerate their schedule for scaling back, or tapering, the central bank's $120 billion in monthly purchases of U.S. Treasury and mortgage-backed securities.

Federal Reserve Chair Jerome Powell in recent testimony suggested a faster taper than the $15 billion per month reduction that's currently in place, while acknowledging that it's time to "retire" the term "transitory" as a description of the current bout of inflation, which hit a 31-year high in the 12 months through October and rose at a faster pace than in September.

Goldman Sachs recently predicted that the persistence of inflationary pressures will force the Fed to double the pace of the taper to $30 billion per month starting in January, which would bring the timeline forward to mid-March.

Market analysts said ahead of the release of the Labor Department report that a strong job creation number could reignite investor concerns for a faster timetable for the Federal Reserve to phase out its massive bond-buying program, which the central bank is currently poised to do over eight months.

"Assuming the Omicron news remains less end of the world, a print above 550,000 jobs should see the faster Fed-taper trade reassert itself," Jeffrey Halley, senior market analyst at Oanda, told Reuters.

"That may nip the equity rally in the bud, while the U.S. dollar and U.S. yields could resume rising," he added.

But the Labor Department's below-expectations job creation number appears to have been met with early enthusiasm on Wall Street, with U.S. stock futures spiking on the news.

Tradingview market data from around 8:55 a.m. New York time suggested Wall Street's main indexes were poised for gains on the opening bell. Futures on the Dow Jones Industrial Average rose 0.21 percent, S&P 500 futures were up 0.31 percent, and Nasdaq 100 futures were up 0.5 percent. All three indexes ended Thursday in the green, with the Dow and S&P 500 up over 1.4 percent and the Nasdaq up 0.71 percent.

Equity markets flitted between gains and losses all week as investors digested updates on the newly detected Omicron variant, which is spreading globally and leading many countries to reimpose travel restrictions.

"The emergence of the new COVID-19 variant has supplied a new and unwelcome source of uncertainty for the economy. That will be more relevant for the December jobs report a month away," Hamrick said.

By Tom Ozimek

Tom Ozimek has a broad background in journalism, deposit insurance, marketing and communications, and adult education. The best writing advice he's ever heard is from Roy Peter Clark: 'Hit your target' and 'leave the best for last.'

The Epoch Times, founded in 2000, is headquartered in Manhattan, New York, with a mission to provide independent and accurate information free of political bias or corporate influence. The organization was established in response to censorship within China and a lack of global awareness regarding the Chinese regime's repression of the spiritual practice Falun Gong.

The Epoch Times is a widely read newspaper that is distributed in 33 countries and is available in 21 languages. The publication has been critical in providing balanced and detailed reporting on major global events such as the 2003 SARS pandemic and the 2008 financial crisis. Notably, the organization has played a key role in exposing corruption inside China.

Aside from its human rights coverage, The Epoch Times has made significant contributions in a variety of fields. It has received praise for its in-depth analysis and expert perspectives on business, the economy and U.S. politics. The newspaper has also received praise for its broad coverage of these topics.

A series of editorials titled "Nine Commentaries on the Communist Party" appeared in The Epoch Times in 2004. It asserts that freedom and prosperity in China can only be achieved by eliminating the Communist Party, which violated China's cultural and spiritual values. In addition, the organization led the Tuidang movement, which resulted in over 400 million Chinese citizens quitting the Communist Party. In spite of this, 90% of websites referring to the "Nine Commentaries" were blocked by the Chinese regime.

The Epoch Times has been at the forefront of investigating high-level corruption cases within the Chinese regime, with its reporters taking significant risks to uncover these stories. The organization has received several awards for its investigative journalism.

The organization has received several awards for its investigative journalism. For more, visit www.theepochtimes.com.

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