US loses 140,000 jobs in December 2020

January 11, 2021 09:38 AM AEDT | By Team Kalkine Media

Household Survey data

In December 2020, the unemployment rate stood at 6.7 per cent while the total number of unemployed people was reported at around 10.7 million. These numbers are almost 2x more than the pre-pandemic levels in February 2020, which stood at 3.5 per cent unemployment with the unemployed population of 5.7 million.

The temporary layoff among the unemployed people increased by 277,000 to 3 million in December 2020, which is higher by 2.3 million from February 2020. The permanent job losses declined by 348,000 to 3.4 million, which is again 2.1 million higher than February 2020. The unemployed reentrants notched up by 282,000 to 2.3 million in December 2020, higher by 452,000 from February 2020.

The participation of labor force and the employment population ratio remained unaffected in December 2020 at 61.5% and 57.4%, respectively. These numbers are relatively better from April 2020 low but still lower than the February 2020 data, which stood at 1.8 per cent and 3.7 per cent, respectively.

The part-time employment also decreased by 471,000 to 6.2 million, which was way lower by April 2020 data of 10.9 million.

Average workweek and hourly data

The average earnings of all nonfarm payroll population increased to US$29.81, an increase of $0.23. The average hourly earnings of production in the private sector and nonsupervisory employees also registered a growth of $0.2 to $25.09

The average workweek of all the private-sector nonfarm payroll dropped by 0.1 hour to 34.7 hours while the manufacturing industry's workweek remained unchanged at 40.2 hour.

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