US President Joe Biden speaks about the November Jobs Report from the State Dining Room of the White House in Washington, DC, on December 3, 2021. The apparent disparity between the sharp unemployment rate decline and the relatively weak job growth could be due to a variety of factors. "Today we got the incredible news that our unemployment rate has fallen to 4.2%," he said. "And we're looking at the sharpest one-year decline in unemployment ever." In a speech at the White House officially billed as "remarks on the November jobs report," Biden skipped over the job creation data almost entirely. Nonfarm payrolls increased by just 210,000 for the month , though the unemployment rate fell sharply to 4.2% from 4.6%. The labor force participation rate increased for the month to 61.8%, its highest level since March 2020. The U.S. economy created far fewer jobs than expected in November , in a sign that hiring started to slow even before the announcement of the new omicron Covid variant, the Labor Department reported earlier in the day. WASHINGTON — President Joe Biden glossed over the weak November jobs report Friday, instead focusing on the low unemployment rate and the yearlong trend of growth and economic recovery. Several economists noted that the payroll tally used to assess the number of new jobs is different from the self-reported household survey used to arrive at the overall unemployment rate. They said the apparent disconnect between a nonfarm payroll growth figure of 210,000 and an unemployment rate of 4.2% could in part reflect the differences between the two surveys. The monthly Bureau of Labor Statistics household survey asks people whether they are currently employed. Thousands of Americans started small businesses from home during the pandemic, and those people would likely consider themselves employed for the purposes of the survey, even though they might only have one or two employees. By contrast, the headline monthly jobs figure is based off of payroll reports from about 150,000 larger businesses and government agencies. So that survey could fail to capture the thousands of entrepreneurs who started tiny businesses in the past two years. The result is that the jobs growth figure suggests a weaker economic recovery than the unemployment rate does . . . read the full article here.
Keywords: low, weak, gains, month, jobs, job, glosses, survey, unemployment, highlight, report, biden, started, president, rate, growth
FAC: the White House
DATE: 2021, Today, Friday, monthly, November, one-year, Feb. 2020, September, the month, this year, March 2020, a year ago, October and, the past year, new year ahead, the end of 2022, December 3, 2021, earlier in the day, the holiday season, the past two years
NORP: Covid, Americans
PERCENT: 3.5%, 4.2%, 4.6%, 4.8%, 0.26%, 61.8%
CARDINAL: one, two, 10,000, 20,000, 31,000, 50,000, 82,000, 90,000, 210,000, 555,000, Thousands, thousands, 6.1 million, just 210,000, about 150,000