The U.S. Economy Lost Nearly 10 Million Jobs Since February

In a sign of how severely the pandemic has undermined the economy, the U.S. added just 245,000 jobs in November, bringing the unemployment rate down to 6.7%, the Labor Department said Friday. The economy lost 9.8 million jobs since February, according to a press release from the department’s Bureau of Labor Statistics. The labor force participation rate is down to 61.5%, 1.9 percentage points below its February level. The retail employment situation reflects the pandemic’s damage to the sector: In November, retail lost 35,000 jobs, “reflecting less seasonal hiring in several retail industries,” according to the government’s report. Read more at Retail Dive.