The State of the U.S Economy in Early December

ttruong53

In November, the number of jobs added is lower than expected for the U.S economy as it recovers from the pandemic.

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The U.S added about 210,000 jobs in November, lower than expected.

The industries that gained the most jobs include manufacturing, construction, and professional and business services. However, employment in retail trade declined from the previous month.

According to the BLS (Bureau of Labor Statistics), the unemployment rate in the United States has dropped to 4.2% from 4.6% in November 2021. That is the lowest since the beginning of the COVID-19 pandemic.

Since the new variant of COVID-19 has been discovered, it could hamper the recovery of economies worldwide, including the United States.

Many Americans are still out of work due to the COVID-19 pandemic. A portion of them won’t even go back to work unless the pandemic has subsided into the background.

As a result of the worker shortage, many companies try to attract and keep workers by paying higher wages. Many workers are unwilling to work if wages pay too low, like the current minimum wage ($7.25/hour).

Many well-known companies like Walmart have raised their starting wages to $11/hour, and Target raised their minimum wage to $15/hour to attract and retain workers.

Not many companies are paying the current federal minimum wage anymore, which hasn’t been raised since 2009.

An attempt to raise the federal minimum wage to $15/hour by 2025 failed in the U.S Senate by a 42–58 vote.

Consumer spending in the U.S is rebounding, despite increasing inflation rates. The current inflation rate in the United States is 6.2%, which is pretty high compared to last year.

As more people get vaccinated against COVID-19, consumer spending should rebound back to pre-COVID levels.

Who knows where the U.S economy will be in the next couple of months since the pandemic has made the U.S unpredictable.

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Student at Kansas State University majoring in Finance. I cover stories that are related to lifestyle, education, local news in the Salina, KS area, and more.

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