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The world's largest economy is our first topic this Tuesday. The U.S. government recently reported that 140,000 jobs were lost in the month of December.
For perspective, the economy gained 654,000 jobs in October and 336,000 in November and economists had expected that 50,000 jobs would have been added last month. But the government says an increase in coronavirus cases and the efforts to contain the pandemic, which include restrictions on restaurants and bars contributed to the job losses. Not every industry took a hit.
While the leisure and hospitality industry has been worst effected, the retail industry added jobs last month. So the losses weren't spread evenly.
As far as the unemployment rate goes, this is the percentage of American workers who don't have a job, the government says it stayed at 6.7 percent from November to December.
A strong economy benefits from a lower unemployment rate. America's got close to 15 percent in April when many businesses were shut down. But it had been improving since then, getting lower every month until December.
So is there any good news in this? Well come analysts believe that economic stimulus packages passed by the Trump Administration and expected from the Biden Administration will help though they do increase the national debt. And if America's health situation improves with new coronavirus treatments or vaccines, economists expect this spring and summer to be good for the jobs picture.
