Jobs report will show how much pandemic is squeezing hiring – By Christopher Rugaber (AP News) / Dec 4 2020
WASHINGTON (AP) — Friday’s monthly U.S. jobs report will help answer a key question overhanging the economy: Just how much damage is being caused by the resurgent coronavirus, the resulting curbs on businesses and the reluctance of consumers to shop, travel and dine out?
Economists surveyed by the data provider FactSet have forecast that employers added 450,000 jobs in November. In normal times, that would be a healthy increase. But a gain that size would amount to the weakest monthly hiring since April. The unemployment rate is projected to drop one-tenth of a percentage point to 6.8%.
The Labor Department will issue the November jobs report at 8:30 a.m. Eastern time.
A loss of momentum in hiring would weaken the economy at a particularly perilous time. A multi-trillion-dollar aid package that Congress approved in the spring to ease the economic damage from the pandemic has largely run its course. Two enhanced unemployment benefit programs are set to expire at the end of this month — just as virus cases accelerate and colder weather shuts down outdoor dining and public events. The end of those programs would leave an estimated 9 million people without any jobless aid, state or federal.
