The U.S. economy added 245,000 jobs in November, as the unemployment rate ticked down to 6.7% the Labor Department said Friday, signaling a sharp slowdown in the labor-market recovery.
Job growth has slowed each month since June and the economy faces near-term challenges, including a new surge of coronavirus infections that triggered some states and localities to impose new restrictions on business. The onset of winter could deter spending and job creation in sectors like restaurants that have become more reliant on business outdoors.
Still, the labor-market recovery from the pandemic’s job destruction this spring has been stronger than most economists forecast. Many expect widespread vaccine distribution to eventually help lift the economy as businesses are allowed to reopen and consumers feel more comfortable traveling, going to the movies and returning to other in-person activities involving proximity to other people.