If only BLS did a "Wrapped"... Instead, the Bureau of Labor Statistics just dropped "The Employment Situation" for November — aka: the final jobs report we'll see this year. We're wrapping up 2020 so far:
Drum roll for November... The US added just 245K new jobs, down from 638K in October. Unemployment fell slightly to 6.7%, but that's partly thanks to people dropping out of the labor force (not searching for work = not unemployed).
This could be the tipping point... The $2.2T stimulus in March, coupled with reopenings, drove a swift recovery. But now the rest of jobs will be harder to bring back, especially with new business restrictions: California imposed a regional stay-at-home order that closes bars, salons, and forbids outdoor restaurant dining. Centrists in Congress have unveiled a $908B economic aid proposal — November's jobs report could be a wake-up call to pass something ASAP.