The November non-farm payroll report revealed a slowing labor market recovery. Unemployment ticked down from 6.9% to 6.7%, but the economy only added 245,000 jobs last month. This was far below the 500,000 economists were projecting.
The economy lost about 22 million jobs in the early months of the pandemic. It has recovered about 12.3 million jobs, leaving 10.7 million Americans still unemployed. That compares with about 5.8 million in February. Permanent job losses stand at 3.7 million, about the same as the previous month.