Hospitality industry sees job growth come to a halt, with little hope ahead

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Hospitality industry sees job growth come to a halt with little hope ahead

Since the spring, there has been a "disproportionately large effect on the leisure and hospitality sector," said Wendy Edelberg, the director of The Hamilton Project at the Brookings Institution and former chief economist at the Congressional Budget Office.

But with sources of government aid drying up at the end of the year, Edelberg said it's likely that spending will decline and more small businesses will close without additional sources of aid. That means there may be fewer employers available for those looking for work in the field. "When we found out we were going to shut down again and knowing that there is no foreseeable help on the way, it's absolutely terrifying," she said. Her family had to ask their landlord for relief on rent so that they didn't lose their apartment. Harmon said they are "barely keeping our heads above water" as bills and student loan payments still arrive even though she's out of work.

Sources of real-time economic data, which can provide a more current view than government reports that lags by weeks or months, show that harder times may be ahead.at their lowest levels since August, down more than 60% compared to 2019. Job search site ZipRecruiter has seen a "remarkable downturn in new job postings in restaurants and hotels" over the 10 days leading up to today's jobs report, Julia Pollak, an economist with the firm, said in an interview.

 

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Rick Santelli this morning on Sqwack Box. Wow!

Rick Santelli needs to go ! His comments on SquawkCNBC were uncalled for and potentially dangerous! Masks work and the economy isn’t going recover until we get the virus under control! Stick to Wall Street news!

And you idiots give this toxic fool a voice. Shame.

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