November jobs report showed a slowdown in hiring at restaurants and hotels

The dismal November jobs report showed a massive slowdown in hiring at restaurants and hotels

Economy, Jobs Report

12/3/2021 9:26:00 PM

The dismal November jobs report showed a massive slowdown in hiring at restaurants and hotels

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Something is loading.We are so sorry! We bumped into a system failure and couldn’t take your email this time.Thank you for signing up!The employment situation last month wasn't what experts expected. There were only210,000 nonfarm payroll jobs

added in November, coming in below the median estimate of 550,000 from economists surveyed by Bloomberg. This comes after October's gain of over half a million, at 546,000.Employment in leisure and hospitality was struck hard by the pandemic, and has been slowly making its way back. The industry still has a lot of ground to make up; it's 1.3 million below pre-pandemic employment, as hiring dramatically slowed last month.

After two months of job gains of over 100,000, leisure and hospitality saw a gain of just 23,000. Instead, leading the way in November's gains was the professional and business services industry, with 90,000 jobs. The pandemic may continue to play a role in hiring in the leisure and hospitality industry, according to Daniel Zhao, a senior economist at Glassdoor.

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"I think what's going on here is that the Delta wave is lingering. Even though there has been improvement in the public health situation, cases are still elevated — if not rebounding," Zhao said."That has a disproportionate impact on COVID-sensitive industries like leisure and hospitality and retail." 

But it could also be that people don't want to work in such a low-wage industry.Nick Bunker, economic research director at Indeed, told Insider that while wages have also gone up in an effort to attract workers,"maybe we're hitting a spot where maybe the enticement of higher wages is either less feasible for the sector or it's just less attractive to job seekers right now." But he said we could see this number tick up in December — or revisions for the November numbers could show less of an impact from the Delta variant.

While many industries experienced job gains, retail trade experienced a drop in payrolls. Bunker said it could maybe be a"seasonal adjustment issue." General merchandise stores and clothing and clothing accessories stores saw the biggest declines among the subsectors that make up retail trade.  

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Here's what gains and losses looked like for different industries:Transportation and warehousing also saw robust job gains from October to November, with a gain of 49,700. This industry in particular has made its way back to pre-pandemic levels where in August 2021 it was just above it at 0.6%. The industry was 3.6% above February 2020 employment in November 2021.

"I think one of the big questions about the economy and the labor market in general is, are we going to see this relative shift away from goods and towards services?" Bunker said."The continued strength for transportation and warehousing does suggest that that shift is not happening quite yet, because there's still strong demand for getting goods to customers." 

Despite the bleak report, though, economists likeElise Gouldare pointing out that there seem to be two stories. One story comes out of the data from the household survey and the other from the establishment survey.  Although there were only 210,000 nonfarm payroll gains captured in the establishment survey, the household survey showed an employment gain of 1.1 million. The unemployment rate, which dropped from 4.6% to 4.2%, also comes from the household survey.

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"The divergence complicates the picture of the labor market as storm clouds gather from rebounding Delta variant cases and new variant threats," Zhaowrote.The coronavirus continues to play a role in job gains and the overall recovery for the US. And now, there have been reported

casesin the US of the Omicron variant. But Bunker said it's uncertain right now how this variant will play a role in the next job's report."The labor market continues to make good progress and that we're still primed for continued strong growth into 2022 with the enormous caveat and asterisk that we're not quite sure what the Omicron variant has in store for us," Bunker said.

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Hey look at that, the exact opposite of what some of those blowhards are pushing 令人沮丧的11月就业报告显示,餐馆和酒店的招聘大幅放缓

Biden touts low unemployment rate on heels of sluggish November job growthOn the heels of a sluggish November jobs report , Pres. Joe Biden on Friday touted the country's employment landscape as improving despite there being fewer jobs added last month than economists expected Courtesy of FoxNews Fuck this capitalistic nightmare

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November's 210,000 new jobs marks worst headline number of 2021—but there are bright spotsExpectation: 573,000 new jobs in November Reality: 210,000 new jobs But here's an encouraging sign: The size of the labor force grew substantially. The labor rate of participation rose two ticks to 61.8%.

U.S. adds disappointing 210,000 jobs in November in face of severe labor shortage \nThe U.S. gained a lackluster 210,000 new jobs in November even though businesses took more aggressive steps to hire people, a disappointing increase that shows the worst labor shortage in decades is still a drag on the economic recovery . Lets go Brandon! The other day was 220,000 jobless vs forecasted 240,000. Buy puts or calls? :) For months now, jobs numbers come in as 'disappointing', then later get revised upward into the pretty encouraging range. Why is this month different?

Disappointing jobs report: American employers added only 210,000 new jobs in NovemberAmerican employers added another 210,000 jobs to the economy in November, far fewer than expected, the Bureau of Labor Statistics reported Friday. The figures are typically revised. The revisions never receive the same media attention though This is bad policy inflicted damage. Lockdowns, shutdowns and all the rest do not work, period. States that have been open are thriving

American employers added a disappointing 210,000 new jobs in NovemberAmerican employers added another 210,000 jobs to the economy in November, far fewer than expected, the Bureau of Labor Statistics reported Friday. The unemployment rate fell to 4.2%, a new pandemic-era low. Biden walks on water. Headlines-- Biden can't swim. 210,000 jobs added ain't chicken feed. Please, keep doing the GOP's job for them.... Jobs over 60K thats all I care about. Where are those?