Payroll employment declined by 140,000 in December and the unemployment rate remained unchanged at 6.7%, reported theon Friday. The number of unemployed persons—10.7 million—was also unchanged as well in December.
These numbers are significantly lower than the April highs, but about twice their pre-pandemic levels. The December jobs report signals the end of seven months of steady job growth and shows some evidence that the U.S. economy is softening. Roughly 22 million jobs were lost back in March and April at the onset of the pandemic and a little more than half—12 million—have since been recovered.
The Department of Labor said in its report, “The decline in payroll employment reflects the recent increase in coronavirus cases and efforts to contain the pandemic.” In the wake of a rapid resurgence of Covid-19 and the associated shutdowns of companies, curfews, restrictions and the accompanying slowdown in business activities, hurt job growth and led to job losses. The job losses were predominantly in the leisure and hospitality sectors.
Daniel Zhao, the senior economist of Glassdoor, a company-rating and job aggregation site, said, “Today's report is a harsh reminder that the pandemic controls our economic trajectory.” Zhao added, “Though the end-of-year relief bill offered temporary reprieve and the start of vaccine distribution offers light at the end of the tunnel, we’re not out of the woods yet.”
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