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So, the V that was never a V (and was never going to be a V) continued to devolve into whatever sort of squiggle it has now become.
The US economy added a meagre 245,000 jobs in November and the unemployment rate fell to 6.7 per cent, as the labour market lost momentum in the face of the latest surge in coronavirus cases.
The data released on Friday by the US labour department will fuel fears of a sharp slowdown in the world’s largest economy. It comes in the midst of a new push in Congress for a fiscal stimulus package to help small businesses, the unemployed and state and local governments weather the latest wave of infections, after months of stalled negotiations.
The jobs report could also influence the thinking at the Federal Reserve, where officials are debating whether to add monetary support to the economy by making changes to the asset purchase programme.
Weekly initial claims for jobless benefits, a proxy for layoffs, fell by 75,000 to a seasonally adjusted 712,000 in the week ended Nov. 28, the Labor Department said Thursday. That follows two consecutive increases and comes amid evidence that the economy continues to recover from the spring’s shutdowns, but at a slower pace. Last week’s level was only 1,000 more than the lowest level recorded since March, and well down from this year’s peak of nearly 7 million—but was still higher than any level recorded before 2020.
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