Stalling US labor market bolsters Biden's drive for big stimulus package

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Though the United States' unemployment rate drops to 6.3% in January 2021 from 6.7% in December 2020, that is because many people have stopped looking for work.

United States employment growth rebounded moderately in January and job losses in the prior month were deeper than initially thought, strengthening the case for a sizable relief package from the government to aid the recovery from the COVID-19 pandemic.

"It's very clear that our economy is still in trouble," Biden said in an address to the nation."I see enormous pain in this country. I am going to act fast." The economy also created 250,000 fewer jobs in the 12 months through March 2020 than previously estimated. The Congressional Budget Office has estimated employment would not return to its pre-pandemic level before 2024. Economists polled by Reuters had forecast payrolls rising by 50,000 jobs in January.

Nearly $900 billion in additional relief money provided by the government at the end of December and the acceleration in the distribution of vaccines for the virus could lift hiring in the months ahead. In addition, the pace of COVID-19 infections appears to have peaked in early January. Retailers shed 38,000 jobs and healthcare employment declined by 30,000. The transportation and warehousing industry lost 28,000 jobs. There were 61,000 job losses in the leisure and hospitality sector. But employment in professional and business services increased by 97,000, with temporary hiring accounting for nearly all the gains.Though the unemployment rate dropped to 6.3% in January from 6.7% in December, that was because many people stopped looking for work.

That has been attributed to difficulties securing childcare as many schools remain closed for in-person learning.

 

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