US November Employment Growth 'Sharp Slowdown'... Concerns of Further Worsening Due to Omicron Outbreak

[Asia Economy New York=Correspondent Baek Jong-min] The US employment data for November fell far short of expectations. Concerns have grown that the emergence of the Omicron variant could negatively impact the labor market.

[Image source=Reuters Yonhap News]

The US Department of Labor announced on the 3rd (local time) that nonfarm payrolls increased by 210,000 in November.

This figure is less than half of the 573,000 expected by experts surveyed by Dow Jones. Compared to the previous month's increase of 546,000, the slowdown is also notable.

However, the unemployment rate dropped sharply from 4.6% in the previous month to 4.2%. The labor force participation rate reached 61.8%, the highest since March 2020.

US media reported concerns that the emergence of the Omicron variant and the surge in Delta variant infections could stiffen the economy and labor market.

Justin Biedner, an economist at Deutsche Bank, predicted, "Just as Delta derailed the labor market recovery, Omicron will also affect the labor market."