Ahead of Omicron surge, December hiring adds to millions of jobs in 2021
The government’s report Friday that employers added a disappointingly low 199,000 jobs in December seemed even more discouraging because the survey was taken before the full impact of the Omicron surge.
or working at new or smaller firms that aren’t easily captured during periods of rapid economic transition.Record numbers of Americans, especially those at the lower end of the earning scale, have been quitting their jobs in search of better opportunities. In fact, the nation’s jobless rate fell to 3.9% in the final month of 2021, sharply lower than the 4.2% in November. That’s down from 6.3% at the start of the year and not far off the decades-low level before COVID-19 hit — something unimaginable a year ago.
Moody’s Analytics estimates households had $2.7 trillion more in personal savings at the end of the third quarter of 2021 than they would have with no pandemic. Unemployment, which was as high as 14.7% in April 2020, is expected to fall back to the pre-pandemic low of 3.5% this year. Still, that isn’t keeping up with inflation, which jumped to a nearly four-decade high of 6.8% in November from the prior year.
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