10.7 Million Americans Are Still Unemployed—Rate Stays Flat At 6.7% As Job Market Recovery Stalls

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Economists were expect the economy would add back jobs, but surging Covid-19 cases have once again forced business closures–and layoffs.

released by the Labor Department Friday—much worse than economists expected and marking the first monthly increase in employment since the pandemic forced millions of job losses in April. Getty ImagesThe unemployment rate remained flat at 6.7% in December, as compared to November; the metric hit a record high of 14.7% in April.

There are now 10.7 million unemployed people in the United States, compared to 10.9 million in November, the government said.million–about three times prepandemic levels. In addition to the unexpected job losses, the labor force participation rate remained flat at 61.5%–meaning there are still 7.3 million people in America who still want a job but are not actively seeking employment.

About 4.6 million people not in the labor force in December were unable to look for work because of the pandemic, the BLS reported, up from 3.9 million in November. December’s report continued to show stark differences in unemployment by race, with minority groups such as Black Americans and Hispanics facing above-average unemployment rates of 9.9% and 9.3%, respectively.With large swaths of the U.S. economy shut down throughout December to combat the spread of Covid-19, it's no surprise that the economy lost jobs in December,” James McDonald, the CEO of Los Angeles-based Hercules Investments said of Friday’s “disappointing” jobs report.

 

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When Governors use Agenda based science, what do you expect

Good luck to the unemployed, China Joe is going to be in charge soon. And he doesn't have a clue how the economy works.

Way more than that

Same with Nigeria but ours is much than yours

“They don’t own equities so they don’t matter, I’m still bullish” - Tom Lee

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