Economy Loses Jobs For First Time Since April
January 8, 2021
The labor market’s recovery came to a halt in December, as the surging coronavirus cases and business restrictions caused big losses.
Nonfarm payrolls fell by 140,000, the first monthly loss since April. Economists had expected the economy to add 50,000 jobs. The unemployment rate remained unchanged at 6.7%. Since the recovery began, the labor force has recovered 12.3 million of the jobs lost.
The hospitality industry took the biggest hit for the month, losing nearly half a million jobs as restaurants and bars were forced to close to halt the spread of the virus. Since January, the hospitality industry has lost 3.9 million jobs, a decline of 23.2%