America’s job market recovery ground to a halt in December, losing a staggering 140,000 jobs, the Bureau of Labor Statistics reported Friday — a far worse outcome than economists predicted.
The unemployment rate remained flat at 6.7%, marking the first month that the rate hasn’t improved in seven months.
The US economy is still down 9.8 million jobs since February.
Workers who have lost their jobs through no fault of their own still need the government’s help to make ends meet. And while the stimulus package that was signed into law in the final week of 2020 extends and expands jobless benefits, more work likely remains to be done.
The Democratic sweep of the Senate, which gives the party both the White House and Congress, paved the way for a swift implementation of President-elect Joe Biden’s economic agenda, which will likely include more stimulus in the near-term. Biden also plans to pour dollars into the infrastructure and clean energy industries to create millions jobs in the medium and long-term.
This is a developing story. It will be updated.