Pres. Biden: 'There's been a lot of press coverage about people quitting their jobs. Well, today's report tells you why—Americans are moving up to better jobs.' 'This is the kind of recovery I promised and hoped for for the American people.'
Every month the Bureau of Labor Statistics releases information that helps indicate the economy's health.Employers added a lackluster 199,000 jobs last month -- significantly lower than economists' expectations -- and the unemployment rate fell to 3.9%, the Department of Labor said Friday.
The unemployment rate remains heightened compared to the pre-pandemic 3.5% seen in February 2020, indicating the labor market recovery still lags nearly two years into the health crisis. As of last month, employment is up by 18.8 million jobs since the April 2020 low but still down by 3.6 million compared to February 2020.
The DOL said employment continued to trend upwards in the pandemic-clobbered leisure and hospitality sector , but employment in the industry is still down by 1.2 million jobs compared to February 2020.A"Now Hiring" sign is placed on the glass store front of a store in Montebello, Calif., Dec 9, 2021.
The trend of teleworking due to the pandemic held steady in December, with a relatively unchanged 11.1% of employees working remotely last month, per the DOL data.Average hourly earnings, meanwhile, rose by 19 cents last month to $31.31 an hour. Economists have linked the rising wages to struggles major firms have reported in hiring in recent months and the new wave of workplace activism brought on by that trend. Just this week, the Labor Department separately reported that a record 4.
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