Top Stories From the Breitbart News Desk

[Maganomics Daily]( Top Stories From the Breitbart News Desk The November jobs report showed that the labor market is considerably weaker than economists had previously thought. Economists had forecast around 500,000 additional jobs in the month, which typically sees seasonal surges in hiring for holiday sales and easing in construction. The Labor Department said Friday that the economy added only about 245,000, less than half of expectations and nearly 62% below the initial estimate for October. Keep in mind that in ordinary circumstances, 245,000 jobs would be a very good month. And over the past seven months, the economy has brought back 12.33 million of the 22.16 million jobs lost in March and April. But we still have 9.83 million unemployed and should be adding back far more jobs than we did last month. Daniel Zhao, the senior economist at job-placement site Glassdoor, estimates that at November’s pace, we won’t return to pre-pandemic levels until 2024. Restaurants and bars remain deeply in a pandemic funk. The sector employs around 10.1 million workers, over 2 million fewer than it did last October. For several months, employment had been growing as restaurants and bars were allowed to reopen across the country. But revived lockdowns and curtailed business hours have stopped that growth. The sector shed 93,000 jobs in November before seasonal adjustments. The government’s adjustments whittled the job losses down to just 17,500, which must mean November is usually a pretty bad time for landing a bar or restaurant job. [How To Live Your Best Life]( Seasonal adjustments made the weak performance of the retail sector look much worse than it was. The adjusted number showed employment falling by 35,000, which caused a flurry of concern about what losing jobs in a holiday shopping season would mean for the economy. The unadjusted numbers are a bit less worrying. They show retail added around 301,000 jobs in November. That shows up as a loss only because the Department of Labor’s models assume a normal level of holiday hiring would have resulted in many more jobs. Hiring was weak in retail sales, but stores did not actually shed jobs on net – they added them. Keep in mind that online shopping has changed seasonal hiring, and the pandemic has thrown that change into hyperdrive. Instead of hiring cashiers to handle the holiday rush, online retailers need to hire people in shipping and warehousing. And sure enough, transportation and warehousing added 145,000 jobs in November on a seasonally adjusted basis, the biggest-ever jump. Not seasonally adjusted, transportation and warehousing added 260,800 workers, also a record high. If you’re looking for a gauge of the strength of the consumer during the holidays, you probably need to watch warehousing and shipping alongside traditional retail hiring. – Alex Marlow, Breitbart News Network --------------------------------------------------------------- TOP STORY [image]( [Disaster Jobs Report: U.S. Economy Added Just 245,000 Jobs in November]( The U.S. economy added 245,000 jobs in November and the unemployment rate ticked down to 6.7 percent, according to data release Friday. Economists surveyed by Econoday had forecast 500,000 jobs and a decline in the unemployment rate to 6.8 percent, down one-tenth of a percent from October’s 6.9 percent. [[Click here for more]( Recommended Link [[URGENT] MAJOR BUY ALERT]( [image]( Since 2016, Teeka Tiwari has trumped the stock market. His investment recommendations have averaged 154% per year. That’s 10 times the S&P. And 81 times the average investor, according to JPMorgan! 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[[Click here for more]( [Trump Says He’ll Veto the Defense Authorization Bill over Exclusion of Section 230 Termination]( President Donald Trump said he will veto the annual defense authorization bill over its exclusion of provisions that terminate Section 230, which grants Big Tech companies such as Twitter and Facebook special immunity from lawsuits. [[Click here for more]( --------------------------------------------------------------- Get Instant Access Click to read these free reports and automatically sign up for daily research. [image]( [The Trader’s Guide to Technical Analysis]( [image]( [America’s #1 Portfolio Protection Plan]( [image]( [The Gold Investor’s Guide]( [Maganomics]( Maganomics Institute 55 NE 5th Avenue, Delray Beach, FL 33483 [www.maganomics.com]( To ensure our emails continue reaching your inbox, please [add our email address]( to your address book. This editorial email containing advertisements was sent to {EMAIL} because you subscribed to this service. 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