The U.S. economic recovery remains slow, with millions stranded who have yet to find new jobs after the coronavirus epidemic has thrown them out of work.
The latest evidence came on Friday when the Department of Labor reported that employers added 245,000 jobs in November, the fifth consecutive month that the pace of recruitment slowed. The October value was adjusted downwards to 610,000, from 638,000 originally given.
The unemployment rate was 6.7 percent in November, down from 6.9 percent the previous month. But this figure does not fully cover the level of unemployment because it does not include people who have dropped out of the labor force and are not actively looking for work.
The cumulative stock in November was partly offset by the loss of 93,000 temporary census staff who are no longer needed after the official census ceases.
More than half of those who left early in the pandemic were hired, but there are still roughly 10 million fewer jobs than in February. Many in this group are weeks away from losing their unemployment benefits as emergency aid approved by Congress last spring expires at the end of the year.
“We are in an unusual situation in the economy now,” said Ernie Tedeschi, an economist at Evercore ISI. “There’s sunlight in the distance,” he said of the vaccine’s progress, “he said, but until then,” this pandemic will be the hardest month, and many scars will be left to heal. “
The number of Covid-19 cases has doubled in the past month, leading to new restrictions and curbing purchases and other trade. In much of the country, colder weather is likely to deter outdoor dining, on which many restaurants depended. And Congress has been unable to agree on a new spending package to help businesses and households in difficulty.