“It’s reasonably hopeful this will be a one-off rough patch and we’ll recover from there.”
U.S. economist Pooja Sriram, Barclays, on the U.S. economy losing 140,000 jobs in December – the first recorded job loss in 8 months.
- The U.S. unemployment rate is 6.7% (this held steady from the previous month – the first time it hasn’t fallen since April).
- The Labor Department revised November’s jobs report to show more job gains. They previously reported 245,000 jobs added. The updated data shows 336,000 jobs added.
- Here’s where the job losses and gains are directly from the report: “Employment declines in leisure and hospitality, private education, and government were partially offset by gains in professional and business services, retail trade, construction, and transportation and warehousing.”
- Some analysts say although job losses show a struggling labor market, they believe this will lead to more gov’t stimulus that will ultimately help the economy.
- Why It Matters: In Spring of 2020, America lost 22 million jobs in a nationwide lockdown to stop the spread of COVID-19. Since that time the economy recovered roughly 12 million. Questions remain about the speed of the recovery, the impact of the pandemic as on the same day as the jobs report we learn of the single larger number of deaths from COVID-19 in the U.S.
A good read on the job market: CLICK HERE