Employers in the U.S. probably cut fewer jobs in November while manufacturing grew at a slower pace, indicating the labor market will take time to mend as the recovery unfolds, economists said.
Payrolls fell by 120,000 workers this month, the smallest drop in almost two years, according to the median of 67 analysts surveyed by Bloomberg News ahead of a Dec. 4 Labor Department report. The unemployment rate probably held at 10.2 percent, a 26-year high.
The jobless rate is projected to exceed 10 percent through the first half of next year, according to the median forecast of economists surveyed this month.
“We are going to have growth hopefully, but it’s going to be a slow recovery,” said Kenneth Chenault, chief executive officer of American Express Co. “There can be a far more concerted effort in the private sector and the government sector to work together to create jobs.”