December 2020’s total employment figure in the U.S. declined by -140,000 jobs, according to the Bureau of Labor Statistics (BLS). Neither is this a surprise, nor is it quite as dire as it first seems.
The weekly jobless claims number has remained above 700,000 for 42 weeks in a row and it is still higher than the maximum level (655,000) that was reached in the 2008-2009 recession. Not much good on the jobs creation front will occur until the number of first-time unemployed begins to drop significantly.
And, of course, the new layoffs are coming as a result of surging coronavirus cases. Bars and restaurants that had been re-opening have been forced to cease or scale back operations once again.
