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Economy Adds 50k Jobs

The unemployment rate fell and the economy added jobs in January according to the U.S. Bureau of Labor Statistics reported today (BLS)

  • The Unemployment Rate fell 40 basis points to 6.3% in January 2021
  • The economy added 49,000 jobs which decreased the number of unemployed persons to 10.1 million
  • Both measures are much lower than their April 2020 highs, they remain well above their pre-pandemic levels in February 2020

The groups who saw the biggest decline in unemployment rates were adult men (6.0%), adult women (6.0%), Whites (5.7%), and Hispanics (8.6%)

Temporary layoffs and part-time work decreased slightly in January

  • Those on temporary layoff decreased to 2.7 million from 3 million in December. This measure is down considerably from the recent high of 18.0 million in April but is 2.0 million higher than its February level
  • Those employed part-time for economic reasons dropped slightly in December from 6.1 to 6.0 million. This measure is down considerably from the recent high of 10.8 million in April but is 1.6 million higher than its February level

A sign things are moving in the right direction. Those who teleworked because of the coronavirus pandemic edged down to 23.2%

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