Heightened health risks temper job growth. Employers added 245,000 personnel to payrolls in November, bringing the total number of jobs created since April to 12.3 million. Last month’s gain, while above the historical average, was nevertheless the smallest of the pandemic period. This moderation in hiring is tied largely to the cessation of fiscal stimulus as well as a major resurgence in coronavirus infections. The return of stricter lockdown requirements will weigh on overall employment growth through year end, with any substantial future acceleration first requiring the wide dissemination of a health solution.