The economy gained 49,000 jobs in January
By Eli Rosenberg
Feb. 5, 2021 at 8:32 a.m. EST
The U.S. economy added 49,000 jobs in January, a modest increase amid the labor market’s ongoing strain from the coronavirus pandemic.
The unemployment rate fell to 6.3 percent.
The January data, released by the Labor Department, is yet another reminder of how much ground the labor market still needs to regain to return to pre-pandemic levels. The country has recovered just over half of the 22 million jobs lost between February and April, but the economic recovery has recently flatlined.
In December, the labor market slid backwards, shedding 140,000 jobs, primarily due to steep loses in the leisure and hospitality industry. And the economy only grew by a paltry 1 percent in the last last three months of 2020, according to last week’s Bureau of Economic Analysis figures.
The data comes as negotiations over a new stimulus package heat up in Congress. Democrats appear to be moving forward with President Biden’s $1.9 trillion stimulus plan that would extend unemployment benefits through September, as well as provide a $1,400 stimulus checks for many Americans. It would also raise the minimum wage, increase the child tax credit, provide rental assistance and money for nutrition programs, while setting aside hundreds of millions of dollars in aid to state and local governments.
http://www.washingtonpost.com/business/2021/02/05/january-jobs-report-2021-unemployment/
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