The December Jobs Report: Gear Up for the New Year

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The BLS jobs report for December 2020 was unsurprisingly bleak. The unemployment rate remained at 6.7%, but 140,000 jobs were lost. This was the first net decline the job market has seen since the mass layoffs that occurred last spring, with leisure and hospitality seeing the biggest losses. 

However, economists predict that 2021 is poised to add more jobs than any other year dating back to 1939. In the last days of December, Congress passed a $900 billion relief package that included extended unemployment benefits and $600 checks issued to individuals who fall below a certain income threshold. Vaccinations began last month, and 9 million Americans have now received the COVID-19 vaccine. Medical experts predict everyone will have access to the vaccine by the summer. 

Additionally, the Biden administration is expected to unveil plans for a third stimulus package this week — a multi-trillion-dollar plan that will include more state and local aid, as well as an increased amount of direct payments and unemployment benefits. The speed of economic recovery is predicted to be much faster than after the two previous recessions, and the light at the end of the tunnel is getting brighter and brighter. 

Lastly, Hireology data shows

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