Non farm payrolls recedes by 140 thousand Jobs; unemployment remains at 6.7 percent December 2020

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 United States Non-farm payrolls recedes by 140 thousand jobs in the month of December 2020.  The unemployment rate remain the same at  6.7 percent, according to the U.S. Bureau of Labor and Statistics.  The hospitality and leisure, private education, government employment sectors incurred significant job losses due to the economic effects of the convid-19 pandemic.

Coronavirus (COVID-19) Effect on the U.S. Economy

The  COVID-19 story continues to evolve as the resurgence of virus rates in many major metropolitan areas across the U.S.  The primary States that are reporting these spikes are California,  New York, Florida, Texas, Illinois.

The principle reason for  rises in Covid infection cases may be from people congregating in large groups with poor ventilation.  Also not abiding by he basic instructions administered by National Institute of Allergy and Infections Diseases; advising that people exercise proper social distancing, the wearing of masks in public places, and proper hand washing.

  Due to elevated rates of pandemic 23.7 percent of employed people teleworked or worked from their homes.   The unemployment rate remain the same at a rate of 6.7 percent, bringing the count to 10.7 million employed individuals in the US. Labor market.   The U.S. Jobs markets encountered positive increase in the professional business services, retail trade, construction, and health care sectors according to the U.S. Bureau of Labor and Statistics. Approximately 787 thousand U.S. workers file for jobless claims over the last week. January 2021.

 December 2021 Jobs report

According to the U.S. BLS the surge in various sectors throughout the Labor markets are reflected in July’s, employment data: leisure and hospitality took significant hit declining 498,000 jobs, with food services and drinking places losing -370,00 jobs.  On the bright side of the employment outlook construction employment rose by 51,000 in December, Manufacturing employment increased by 38,000, health care employment increased by 39,000 jobs in the month of December, wholesale trade  increased by 25,000 jobs.

 

  Many Wall Street Economist were completely off the mark predicting that the economy would add a net plus increase  to the U.S. Jobs market.  Most experts predicted that the economy would increase by  71 thousand jobs for the month of December 2020.

 

The change in October 2020 NFP release employment revised up by 44,000 from 610,000 to 654K . October and November revised up 135,000 from the previous report.  See the full story of previous July’s 2020 NFP numbers;  Non-farm payrolls push up to  1.8 million jobs; Unemployment Lowers to 10.1% for July 2020.