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140,000 jobs lost in US in December 2020 – Times of India

WASHINGTON: US employers slashed 140,000 jobs in December 2020, the primary month-to-month decline in employment since April 2020, as latest Covid-19 spikes have stalled the restoration of the labour market, an official report mentioned.

“The decline in payroll employment reflects the recent increase in coronavirus (Covid-19) cases and efforts to contain the pandemic,” the Labour Department’s Bureau of Labour Statistics (BLS) mentioned in its month-to-month employment report.

The BLS report famous that employment in leisure and hospitality declined by 498,000, with three-quarters of the lower in meals companies and consuming locations, by 372,000, Xinhua information company reported.

Since February 2020, employment in leisure and hospitality has been down by 3.9 million, or 23.2 per cent.

Employment in personal training, in the meantime, decreased by 63,000 in December, the report confirmed, noting that employment in the business has fallen by 450,000 since February.

Government employment additionally declined by 45,000 in the month. Since February 2020, authorities employment general has been reduce by 1.3 million.

In December, job losses in leisure and hospitality and in personal training had been partially offset by beneficial properties in skilled and enterprise companies, retail commerce, and building, in keeping with the Bureau’s report.

The report additionally confirmed that progress in complete non-farm payroll employment for October was revised up by 44,000 to 654,000, and the acquire for November was revised up by 91,000 to 336,000.

Amid widespread Covid-19 shutdowns in March and April final 12 months, 22 million Americans lost their jobs.

The newest knowledge confirmed that the quantity of unemployed in December remained unchanged at 10.7 million, which is about 5 million larger than pre-pandemic degree in February 2020.

The unemployment price, which has been trending down over the previous seven months, remained unchanged at 6.7 per cent in December, the report confirmed, indicating the disruption to the labour market restoration.

The unemployment price in December was down by 8 share factors from its latest excessive in April 2020 however is 3.2 share factors larger than its pre-pandemic degree in February, the Bureau famous.

Weekly preliminary jobless claims have been largely declining in the previous few months, however the development was not too long ago reversed in the weeks ending November 14 and November 21, 2020, after which in the weeks ending December 5 and December 12, 2020.

The Services Purchasing Managers’ Index (PMI) registered 57.2 per cent in December, 1.3 share level larger than the November studying, in keeping with the most recent Services ISM Report on Business.

The employment index, nonetheless, fell by 3.3 share factors to 48.2 per cent, marking the primary contraction after three consecutive months of progress.

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