The jobs numbers are disappointing once again in Biden’s economy, with numbers falling far below expectations:
MARKET PLACE – The 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.
The increase in hiring — the smallest in a year — was way below Wall Street’s expectations. Economists polled by The Wall Street Journal had forecast 573,000 new jobs.
“Consistent with low jobless claims and record-low layoff announcements, labor shortages are only worsening,” said senior economist Sal Guatieri of BMO Capital Markets.
The U.S. jobless rate, meanwhile, fell to 4.2% from 4.6% and touched a new pandemic low. Economists say the official rate likely underestimates the true level of unemployment by a few percentage points, however.
Here’s some reaction from the media: