New jobs in the US rose at a slower pace than expected in November, as companies moved more aggressively in hiring, indicating that the largest labor shortage for decades is still slowing the economic recovery.
In particular, the US economy added 210,000 new jobs last month, with recruitment growth the lowest in a year and well below expectations. Economists polled by Wall Street expected 573,000 new jobs.
Meanwhile, the US unemployment rate fell to 4.2% from 4.6%, recording a new pandemic low. However, economists say the official unemployment rate is probably a few percentage points lower than the real thing.
However, at an encouraging sign for the labor market, the size of the workforce has increased significantly. About 594,000 people rejoined the workforce in November. The so-called participation rate amounted to 61.8%.
At the same time, companies have struggled to make up for labor shortages by raising wages and benefits. Hourly wages rose sharply again last month and wages rose 4.8% last year, the fastest rise since the early 1980s.
Source From: Capital
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