The numbers for December are in and we lost 140,000 jobs. This tracks with the ADP employment report earlier in the week where we saw 123,000 private sector jobs disappear. Of course, this was due to the increase in covid cases with most of the jobs lost in the restaurant sector. The unemployment rate remained the same at 6.7%. Also, hourly earnings rose .8%.
We probably should be thankful it’s not worse. The vaccine is rolling out slowly and there are complaints too slowly. It’s a race between disease and the cure for the disease. So far the disease is winning, but that should change. By late summer most people who want the vaccine should be able to get it. At that point, we will see a huge surge in jobs.