U.S. employment growth likely picked up in December, culminating in record job creation in 2021, but the labor market could temporarily lose its luster as raging COVID-19 infections cause disruptions at businesses and schools.
The Labor Department's closely watched employment report on Friday is also expected to show the jobs market rapidly tightening, with the unemployment rate seen falling to a 22-month low of 4.1% from 4.2% in November. It will sketch a picture of an economy that closed 2021 on a high note, even if the public health picture is not as improved as officials had hoped.
Still, employment would be about 3.5 million jobs below its peak in February 2020. Estimates ranged from as low as 150,000 to as high as 1.1 million jobs. People who are out sick or in quarantine and do not get paid during the payrolls survey period are counted as unemployed even if they still have a job with their companies.
"Unfortunately, those anomalies may get more company on Friday," said Lou Crandall, chief economist at Wrightson ICAP in Jersey City. "We would shrug off the disappointment in the reported level if the seasonal adjustment factors are as stingy as we have assumed." Economists at Goldman Sachs expect participation will remain about half a percentage point below the pre-pandemic demographic trend at the end of the year, with most of the early retirees and some of the younger and middle-aged workers staying out.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Dallas County reports 11,879 new COVID-19 cases, 77 deaths during last week of 2021Dallas County reported 77 more COVID-19 deaths and 11,879 new coronavirus cases in the past week, as the incredibly transmissible omicron variant has sent...
Read more »
The Bay Area restaurants that closed in December 2021The list includes longtime favorites that have now closed after decades in business.
Read more »
Key crypto hires, exits and moves: December 2021December topped an extraordinary year for hiring in the crypto industry. Here’s what you need to know.
Read more »
Core Scientific Mined Over 1K Bitcoin in December, Nearly 6K in 2021.Core_Scientific mined over 1,000 bitcoin in December, taking its total for 2021 to 5,769. By JamieCrawleyCD
Read more »
Porsche Macan S 2021 UK review | AutocarPorsche Macan S 2021 UK review: Compact SUV is a brilliant all-rounder, but so refined it almost hides its more eye-catching capabilities
Read more »
Greater Cleveland car dealers supply not meeting demand; sales in 2021 short of pre-pandemic levelsNortheast Ohio’s car dealerships sold 15,801 new cars and trucks in December, down from 20,427 during the same month in 2020, according tracking in 21 Northeast Ohio counties by the Greater Cleveland Automobile Dealers’ Association.
Read more »