U.S. jobs fell in December as virus surge hindered activity

Breaking: US Nonfarm Payrolls decline by 140,000 in December vs. +71,000 expected

US economy sheds jobs in December; unemployment rate at 6.7%

StatsCan said the economy lost about 63,000 jobs in December, the first decline in overall employment since April and worse than the consensus economist estimate of 38,000 positions. NTD spoke to a senior analyst who's remaining hopeful for the future.

Friday's monthly jobs report, the last of Donald Trump's presidency, shows that the nation has 3 million fewer jobs than it did four years earlier.

It's also the first drop since April, and a sign that the economic recovery could be running out of steam before the job market has even gotten back to where it was before the pandemic started.

"With restrictions broadening and lengthening since the December survey, we may well see another pullback in next month's report", Porter said.

NFP Quick Analysis: America loses jobs, Fed may come to the markets' rescue, downing the dollar. With consumer spending barely growing over the past few months, most companies have little incentive to hire.

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More fiscal stimulus is expected now that the Democrats have gained control of Senate, boosting the prospects for President-elect Joe Biden's legislative agenda.

The job losses were concentrated in the leisure and hospitality sector, which lost almost half a million jobs during the month as restaurants and bars closed in response to the dramatic resurgence of Covid-19 throughout the country. Economists polled by Reuters had forecast 77,000 jobs would be added in December.

House noted the latest round of COVID-19 relief is poised to help speed the labor market's recovery with additional Paycheck Protection Program (PPP) loans and targeted emergency grants helping small businesses retain more employees.

Full-time employment increased 36,500 last month, but there was a loss of 99,000 part-time jobs.

Meanwhile, the record surge in the unemployment rate last spring due to the pandemic was slightly higher than previously reported, according to a routine recalculation of long-term trends. Employment losses were greatest in the accommodation and food services industry ( down 5.9 per cent), while more people were working in manufacturing ( up 2.1 per cent). Government employment declined by 42,000.

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In the same month, 1.1 million Canadians were hit by a loss of employment and reduced hours.

Black workers still have a far higher jobless rate than other groups at 9.9 percent, while the rate for Hispanic workers is 9.3 percent.

"Many of them have already made adjustments to the way they operate, they've adjusted their inventory, they've cut expenses. but you can only rejig your business so many times", he said.

The pace of hiring will be hard-pressed to accelerate until a meaningful portion of the general population is vaccinated, with distribution in the United States running slower than planned and potentially holding back the recovery.

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