The U.S. labor market added 49,000 jobs in January and the unemployment rate dropped to just 6.3%. This is according to the monthly employment report of the US Department of Labor. The data show a slow but sure exit from the economic crisis created by the spread of the corona virus and the subsequent closures that have characterized the US market since March 2020.
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Against the backdrop of the report’s reports, contracts are rising above major US indices to a rate of 0.4%, preparing investors for another positive day.
Back to the employment report, the advanced expectation regarding the data is estimated at an addition of 50,000 jobs and a decrease in the unemployment rate to 6.7%. That is, when one thinks of the report data, it can be understood that these are positive but suspicious data. This is due to a lower-than-expected increase in jobs but a sharp decline in the number of unemployed.
A possible explanation for this is the exclusion of some of the unemployed from the survey, probably due to the fact that they have not found work in recent months and have simply stopped looking. The unemployment rate in the U6 range, its role is to check the mentioned data and it stands at 11.1%. Another not-so-good statistic is the decline in 10,000 jobs in manufacturing.
Similar to Israel, the closure following the corona has significantly hurt sectors in the euro area. Hotels, bars and restaurants have had to close gates or operate at low output to stop the spread of the virus. The hospitality sector lost 61,000 jobs last month after losing more than half a million in December.
The question of vaccines
Vaccines have provided hope for the U.S. economy so that it can work at full capacity in the second half of the year. One way or another, the next few months are expected to remain challenging.
Gross domestic product fell by 3.5% in 2020, and the forecast for the first quarter of 2021 remains unclear. Most economic numbers have been better, but there is still concern that a slower-than-expected rate of vaccinations and the spread of mutations will make it difficult to return to routine in the world’s largest economy.
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