Spring has finally sprung and with it came the 2021 Spring HR Tech Conference. This…
The Bureau of Labor Statistics reported that a seasonally-adjusted 245,000 jobs were added to the U.S. economy in November. According to a CNN report, “it was 224,000 fewer than economists had expected and a massive slowdown from the 610,000 jobs added in October, as the recovery is growing more sluggish.” Of particular note, retail jobs were down significantly as business have been hiring fewer seasonal and holiday workers this year, and government employment notched downward as this year’s Census workers completed their temporary employment.
The report further notes that “eight months after Covid-19 brought the economy to a screeching halt, and following better-than-expected improvements over the summer months, the recovery is running out of steam.” As millions of Americans struggle with unemployment during the global pandemic, they are facing extremely challenging headwinds on the path to employment, including the most volatile and sluggish job market in recent memory.
- The economy is still down 9.8 million jobs since February, before the crisis began. That's still more jobs than were lost during the Great Recession.
- Hiring in the U.S. is now so slow, it could take another 40 months for the job market to fully recover from the pandemic.
- If hiring were to continue at its current pace, it would take until March 2024 for the job market to return to its February 2020 peak.
- See our infographic below for more on the state of employment today: