The US added 199,000 jobs in December, and the unemployment rate fell to 3.9%, marking a new pandemic era low. But Omicron could still slow the recovery.
That was a major disappointment: Economists had forecast jobs growth of double that number.Plus, earlier in the week, the ADP Employment Report counted more than 800,000 private sector jobs for December — boosting hopes for a strong finish to the year. That release is considered a bellwether for the official jobs report, though the two are not correlated.The leisure and hospitality industry led job gains with a modest 53,000 added, but the industry remains down 1.
But the understated gains send a clear message. The recovery still is not complete. Read MoreAt year-end, the nation was still down 3.6 million jobs compared to before the pandemic, in February 2020.Even so, 2021 will go down in history as a year of record-breaking jobs growth: America added 6.4 million jobs last year, the most since records started in 1939. Every single month brought jobs gains.The unemployment rate fell to 3.9% in December, marking a new pandemic-era low.
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