Biden economy misses expectations on November job creation by wide mark

The Dow Jones estimate was for 573,000 new jobs
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jobs
Help wanted sign outside Los Angeles restaurant. May 28, 2021.
(FREDERIC J. BROWN/AFP via Getty Images)

The Labor Department on Friday reported the U.S. economy in November created 210,000 new jobs, falling significantly short of a projected gain of at least 550,000 jobs.

The Dow Jones estimate was 573,000 new nonfarm payroll jobs. 

Despite the lower-than-expected jobs number, the unemployment dropped to 4.2% from 4.6%, amid expectations the November figure would be 4.5%, according to CNBC.

The department's Bureau of Labor Statistics also reports the number of unemployed persons fell by 542,000 to 6.9 million and that number along with the new jobless number "are down considerably from their highs at the end of the February-April 2020 recession.

"However, they remain above their levels prior to the COVID-19 pandemic ( 5.7 million and 3.5 percent, respectively, in February 2020)."