Expectation: 573,000 new jobs in November Reality: 210,000 new jobs But here's an encouraging sign: The size of the labor force grew substantially. The labor rate of participation rose two ticks to 61.8%.
The numbers: The U.S. gained a paltry 210,000 new jobs in November even though businesses took more aggressive hiring steps, marking a disappointing increase that shows the worst labor shortage in decades is still a drag on the economic recovery.
Read: Jobless claims jump 28,000 to 222,000, but big ups and downs around Thanksgiving raise questions The so-called rate of participation rose two ticks to 61.8% and reached the highest level since the start of the pandemic. Key details: Companies in the hospitality business, mostly restaurants and hotels, created just 23,000 new jobs last month. That largely explains the big shortfall in hiring in November.
Yet the rate of inflation has also soared and largely eaten up the extra earnings. The cost of living has surged 6.2% in the past year, based on the consumer-price index.
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