November 2020 Job Market Update

The latest evidence came Friday when the Labor Department reported that employers added 245,000 jobs in November, the fifth month in a row that the pace of hiring has tapered off. The figure for October was revised downward to 610,000, from the initially stated 638,000.

The unemployment rate in November was 6.7 percent, down from the previous month’s rate of 6.9 percent. But that figure does not fully capture the extent of joblessness because it doesn’t include people who have dropped out of the labor force and are not actively searching for work.