The Briefing Room
General Category => Economy/Business => Topic started by: mystery-ak on January 08, 2021, 02:18:26 pm
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Economy lost 140K jobs in December as pandemic worsened
by Tyler Van Dyke, Breaking News Reporter |
| January 08, 2021 08:30 AM
The economy shed 140,000 jobs in December, the Bureau of Labor Statistics reported Friday, the first losses since April, reflecting renewed economic closures amid a worsening coronavirus pandemic that has infected more than 21.5 million people in the U.S. and killed more than 365,000.
The unemployment rate remained flat at 6.7%.
"It has never been more true that the path of the economy depends on the course of the virus, and right now, new Covid outbreaks across the nation are threatening to bring the economy down with it," said Chris Rupkey, chief financial economist at MUFG.
Employment in the leisure and hospitality sector declined by 498,000 jobs. Of those losses, 372,000 came from the restaurant industry alone. Those steep losses were offset in part by gains in business services, retail trade, construction, and transportation and warehousing.
more
https://www.washingtonexaminer.com/news/unemployment-stays-at-6-7-as-december-jobs-report-misses-expectations (https://www.washingtonexaminer.com/news/unemployment-stays-at-6-7-as-december-jobs-report-misses-expectations)
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It will be Biden's virus soon.
He ran on promising to control it and it looks like not only is it worsening, but a new strain is erupting.