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/0 Comments/in /by BeyondKona

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Jan 7, 2022

U.S. economy added just 199,000 jobs in December, before labor market confronted omicron surge

2022 Quits, Big Raises And Severe Labor Shortages

Latest wave of coronavirus has made many workers ill, putting even more pressure on employers.

On the other hand, the unemployment rate, which is calculated from a different survey, sank to 3.9 percent, from 4.2 percent in November — nearing its low point of 3.5 percent from February 2020.

The October and November initial reports, with 546,000 and 210,000 jobs added respectively, were revised upward by 141,000 jobs as well.

Many economists had been forecasting a stronger month for December, of about 420,000 jobs added for the month. In interviews on Friday, many said they felt the report was stronger than its top-line figure.
But the numerous economic forces unleashed by the pandemic in 2020, including inflation, labor shortages, and supply chain woes, continue to weigh on the labor market and make it hard for economists to predict what will happen next.
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