The U.S. economy added 210,000 jobs in November in what CNBC’s Rick Santelli is calling a “huge miss” from the 550,000 expected.
CNBC is shocked by the November jobs report: “A huge miss" pic.twitter.com/bC2edazXJP— RNC Research (@RNCResearch) December 3, 2021
The unemployment rate declined to 4.2 percent, however, which is more than expected.
Breaking News— Charles V Payne (@cvpayne) December 3, 2021
November Jobs Report Disaster (again)
594,000 back in labor pool (good news)
210,000 got jobs (bad news)
Wages +4.8% (a miss and less than inflation)
Don't worry folks on TV -trying hard to make it good news - saying don't believe the government.
Looking at the numbers, CNN noted that customer-facing jobs had very little if any growth at all. “That could be that it’s not the job problem, it’s the worker problem, workers are not going back to those customer-facing jobs.”
CNN: November's jobs report a "disappointment," with Americans "not going back to those customer-facing jobs" pic.twitter.com/eGZWajViwn— RNC Research (@RNCResearch) December 3, 2021
“The holiday season is typically the best time of the year for small businesses and job growth," said Alfredo Ortiz, President and CEO of the Job Creators Network. "For many small businesses, their annual profit comes exclusively from the holiday season; the rest of the year they’re in the red. With that in mind, November’s job growth is especially bad and proof that policies of the Biden Administration are killing American work ethic and exceptionalism. Excessive and unnecessary government spending is continuing to cause inflation to outpace wage gains- this ‘Biden Pay Cut’ will only be exacerbated with more proposed spending on the way."
White House Press Secretary Jen Psaki, who was on MSNBC when the numbers came out, said she couldn't officially comment until 9:30.
“Jobs numbers just crossed, 210 jobs just added. 210,000,” she reported. “So if we look at that breaking news right now, that’s a number that feels a little, what, off?" said host Mika Brzezinksi.
They said the adults were back in charge. Jobs numbers are released on the same day, at the same time, every month.— Steve Guest (@SteveGuest) December 3, 2021
WHY did Biden's comms team put the press sec on tv when they KNOW they can't comment on the jobs report?
This is embarrassing. https://t.co/cyxXRykW8L
WHOA - they put her on TV knowing this announcement was coming.— Matt Whitlock (@mattdizwhitlock) December 3, 2021
She must have been prepared to take a victory lap and wasn't prepared to react to bad news. INCREDIBLE planning failure. https://t.co/jy5EhCSIGK
Afterwards, Psaki said they're seeing "good trends that we are continuing to put people back to work, that we are continuing to see participation in the workforce, that we are continuing to see the unemployment rate go down but there’s more to do to address core problems that have existed long before the pandemic.”
Editor's Note: This is a breaking news story and will be updated with additional information.