skews13
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The Labor Department's grim unemployment report has placed new pressure on Senate Majority Leader Mitch McConnell to take a larger stimulus deal so that Americans struggling to pay for food and rent can receive quick relief, as coronavirus cases surge across the country.
In November, the U.S. saw its slowest month of growth since spring, according to the department's Friday report. Employers added just 245,000 jobs last month, and while the unemployment rate decreased from 6.9 to 6.7 percent, it was largely due to a flood of people leaving the labor force.
"This is an ugly report," said Diane Swonk, chief economist for Grant Thornton. "It will go negative next month."
In November, the U.S. saw its slowest month of growth since spring, according to the department's Friday report. Employers added just 245,000 jobs last month, and while the unemployment rate decreased from 6.9 to 6.7 percent, it was largely due to a flood of people leaving the labor force.
"This is an ugly report," said Diane Swonk, chief economist for Grant Thornton. "It will go negative next month."
McConnell Faces New Pressure for Stimulus After Grim Unemployment Report
The Senate Majority Leader is holding out for a $550 billion version of his previous GOP proposal, but the new unemployment report has given Democrats and economists further ammunition to demand he accept a bipartisan deal.
www.newsweek.com