CNBC Analysts Take Aback by November Jobs Report
CNBC analysts were taken aback on Friday by the Labor Department’s monthly jobs report, which found America added more than 300,000 fewer jobs than economists expected.
Nonfarm payrolls increased by 210,000, according to the data, compared to a Dow Jones estimate of 573,000. The labor force participation rate nonetheless increased to 61.8 percent, the highest level since March 2020, partly indicating that many Americans were not seeking to return to the labor force.
Austan Goolsbee, who served as chairman of the Council of Economic Advisers under President Barack Obama, began by offering a mixed assessment of the situation. “This great resignation, I think, is in large measure the ‘I’m not working for somebody else anymore, I’m starting my own thing,’” Goolsbee said.
“To take it all on the surface, I just think we’ve trained people not to work more than we have in the past. And I agree a lot of people stayed home and did different things, trying to sell things on eBay, whatever it is. But that’s going to run its course.”
“I do worry that we might end up with a permanently lower labor force, given the trends with kind of the older workers leaving the labor force,” opined Georgetown University economics professor Nada Eissa.
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