JANUARY 11, 2021 – US LOSES 140,000 JOBS IN DECEMBER
Seven months of job growth ended in December as the US economy lost 140,000 , but the unemployment rate came in unchanged at 6.7 percent. The bulk of the job losses are a result of restaurant and bar closures which cut 372,000 positions; hotels, tourist venues and the government added to the losses. Most other sectors added job, but not enough to offset those that were shed.
December ended the worst year of job losses on record. The country lost 9.4 million jobs in 2020, the most since record keeping began in 1939. As of December, employment was down nearly 10 million jobs as compared to February 2020 prior to the pandemic.
Economists believe the drop in temporary and jobs will return with promised government aid and the rollout of the Covid vaccine nationwide. Let’s hope that happens soon.