Profits from work are due to 145,000 jobs added in transport and warehousing, with more moderate growth in other industries.
Vocational and business services added 60,000 jobs, healthcare added 46,000 jobs and construction and manufacturing added 27,000. Leisure and hospitality, one of the most affected sectors of the economy, added 31,000 jobs, but this category still it is still 3.4 million jobs lower than in February.
Retail sales fell by 35,000; bars, restaurants and other catering establishments have lost 1
The report comes at a time when economists and politicians say it is a dangerous moment for the economy. The generous aid programs that helped support businesses and households during the worst of the pandemic have long since expired, and the House, Senate and White House have spent months in disagreement to negotiate further action.
Unemployment benefits for about 12 million people expire at the end of the year due to deadlines set by lawmakers in March. And the tide of the virus has begun to affect a new round of closures and restrictions, as the volume of cases rises to new heights in a wider area of the country than before.
“There is more and more evidence [the recovery] is K ”, David Berson, Chief Economist at Nationwide Insurance. “We had a big drop and for a large part of the country, which is in the upper part of K, things are pretty good. Good job growth, good income growth, low interest rates. But in the lower part of K a significant part of the population is injured significantly. “
The economic crisis continues to develop in a divided way: the stock market rises to record highs, with investors relying on optimism about vaccine development, raising the fortunes of the super-rich, while the unemployment crisis has dealt a severe blow to people at the bottom of the income ladder.
For high-wage earners, the job crisis is over, at least temporarily. The employment rate for people who make more than $ 60,000 a year is up from January 2020, while low-wage jobs have fallen by nearly 20 percent, according to the Opportunity Insights recovery tracker.
In recent months, the economy has been sending warning signs.
Data from the software company Homebase for the schedule shows the number of hours worked by employees, the number of employees and the number of open companies, which fall at the end of October, reaching its lowest levels in the spring. For the first time, Homebase data show that the number of employees has been declining since March.
Mobility, as measured by mobile phone data according to the Dallas Federal Reserve, began to fall nationally in mid-November. Consumer spending, as measured by credit card and debit card data collected by Opportunity Insights, began to fall in late October before recovering in November, exacerbated perhaps by the holiday season. Job ads also fell at this time before a slight rebound.
According to the Census Bureau, the number of Americans reporting problems with getting enough food is rising. About 13 percent of households with children report that they sometimes or often do not have enough food to eat. More than one in three respondents recently said they had difficulty paying household expenses.
Car lines continue to demonstrate increased demand for basic supplies such as food and diapers.
“Demand continues to be two to three times higher than it was before the pandemic,” said Philip Vander Clay, director of policy and government relations at the National Diaper Network, which works with about 220 diaper banks nationwide. . “With the combination of relaunches, restarted restrictions and delays in receiving more emergency aid from the federal government, we really expect this to continue into the holiday season.”