Omicron Variant Exacerbates 'Uncertain' Labor Outlook: Conference Board
The labor market outlook is “uncertain," said the Conference Board Friday, citing “mounting downside risks” linked to the COVID-19 omicron variant. Job growth weakened from October to November, while nonfarm payroll increased by 201,000 in November after a revised increase…
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of 546,000 in October. The unemployment rate decreased from 4.6 to 4.2% in November, and the labor force participation rate increased from 61.6 to 61.8%, "well below" its pre-pandemic rate. Elevated delta cases “may still be hampering consumer spending on in-person services and therefore require less need for hiring,” the board said. At the same time, labor shortages -- especially severe for blue-collar and manual services workers -- are making it harder for employers to recruit workers, the board said, saying, “It is more likely now that hiring difficulties will continue into 2022." Employers and policymakers “will likely need to find other ways to deal with labor shortages or ensure continued job growth, such as improving older worker retention rates, automating tasks, or increasing immigration.”