Economists estimate that the U.S. unemployment rate remained at 6.7% in the first month of 2021, which would be the third month in a row with no change. Eleven months into the pandemic, ten months into the jobs crisis and nine months into the visible recovery, this is a bad sign.
The average expectation for jobs added in January is 50,000. That would be a welcome reversal of the 140,000 job losses in December, the first monthly job loss since April. If the January forecast is true, America will still be down nearly 10 million jobs from February last year.
ADP’s employment report on Wednesday showed that private payrolls rose 174,000 jobs in January, far more than economists expected. And although the ADP report is unrelated to the government report, such a big jump is going well for the official job numbers.
Coupled with recent positive reviews of the manufacturing and services sectors, “there may be … waiting for it ….. risk overturning a payroll report this Friday,” BMO chief economist Jennifer Lee wrote in on Wednesday.
Here’s to hope.
All surveillance of vaccine distribution
The American job market has undergone significant change since the economy collapsed last spring, putting millions of jobs back in the summer. Nevertheless, the country is still in a jobs crisis.
More than 18 million people received some form of government benefit in the week ending Jan. 9, according to the Department of Labor.
At the same time, the hospitality and leisure industry – which includes restaurants and all forms of personal entertainment – is still in a work crisis.
“Indeed, the food services sector and drinking places were the single largest source of the gap between the December employment rate and pre-pandemic levels,” economic research director Nick Bunker said in comments in an email. In addition, women held all their lost jobs in December.
The divisions cannot recover normally until the virus is under control or until the pandemic ends. Economists – and politicians – are promising that spreading the vaccine is the best cure for the economy.
But the spread is still in its infancy: so far nearly 33 million doses of vaccine have been given in the United States, but only 6 million people have received a very significant second dose, according to data from the Center for Control and Prevention Disease.
The Congressional Budget Office said in a report Monday that the number of Americans recruited will not return to pre-pandemic levels until 2024.
President Joe Biden’s plans – including the goal of delivering 100 million doses of the coronavirus vaccine in his first 100 days, could be in addition to the proposed $ 1.9 trillion stimulus package that would introducing more help for the unemployed – say. help with the storm weather.
But as to how long it will take the country to overcome this work crisis – that is the real unknown.
.Source
Related