NEW: U.S. economy added 210,000 jobs in November, far below expectations, indicating troubled labor market recovery.
“It is still too early to see the impact of the omicron variant and how it will impact return-to-office and hiring plans, but this certainly bears watching,” said Bill Armstrong, president of Gava Talent Solutions.
“The jobs recovery was kicking into high gear… Hiring demand is strong, and we know it’s broadly based,” said Andrew Flowers, lead labor economist at Appcast. “Going forward in December and January, that’s when we’ll see if there’s a material effect,” he said. Economists predict that where omicron could inflict the most damage, though, is in holding down the lagging labor force participation rate. “The real problem is… can we get the labor force participation rate to change meaningfully?,” said Ron Hetrick, a senior labor economist at Emsi Burning Glass labor market analytics firm. “That is the primary thing holding us back.”
“Even when we came out with vaccines, labor force participation remained the same,” Hetrick said. “The primary concern is, what is it going to take for these people to meaningfully engage?”
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