December 4, 2020

Disappointing November Us Job Figures Raise Hopes Of A Deal On Fiscal Stimulus

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In Short

In November the US economy added just 245k jobs, well below expectations of 470k. Public sector layoffs related to the end of the Census took out 100k jobs, but the bulk of the slowdown can be ascribed to the private sector, where job creation slowed down from 844k in October to 345k in November.
Disappointing November Us Job Figures Raise Hopes Of A Deal On Fiscal Stimulus
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Highlights:

  • In November private payrolls grew by just 245k units, well below expectations. Employment stalled or decreased in the sectors most exposed to rising infections.
  • The unemployment rate went down due to a reduction in labour participation, highlighting the possible long-term labour market consequences of the infection.
  • With employment still more than 6% below the pre-crisis level, pressure is mounting for a fiscal stimulus bridging the gap before vaccines availability enables a growth pick up. Senate Republicans have opened to a compromise on a 900 US$ package.
  • At the same time, these numbers add to the case for Fed action on Treasury purchases.

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Disappointing November US job figures raise hopes of a deal on fiscal stimulus
December 21st, 2020

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