Jobs are returning at slower pace
Employment in the United States grew much less in November than a month earlier and much weaker than expected. With the ever-increasing number of COVID-19 infection cases and new lockdowns in the US, employers have become more reluctant to hire new staff.
According to the US Department of Labour, 245,000 jobs (excluding agriculture) were added last month, which is significantly less than expected. That was an updated 610,000 in October. As a result, employment growth in the US has fallen to its lowest level in six months and has been weakening job growth for five consecutive months. Unemployment in the US fell to 6.7 percent from 6.9 percent in the previous month.
The labor market in the world’s largest economy is far from being restored from the coronary artery disease. Millions of Americans lost their jobs because of the crisis. In the meantime, the number of new Coronas attacks in the US has risen to a record in the last 24 hours, with more than 210,000 cases. Over 2,900 people died during the same period from the effects of infection. The country most affected by the pandemic worldwide now has a total of over 14.1 million infections and 276,000 deaths.
To alleviate the impact of the crisis, the US government has come up with huge support packages. Currently, a new aid package of $908 billion is being supported in Washington. The Democrats and Republicans in Congress seem to be getting closer and closer, and a deal could be reached by the end of this year.