The unemployment rate remained the same at 6.7% It marks the first time the rate hasn't improved in seven months. December was the first time since April of last year the country had lost jobs instead of added some. The losses in December were heavily concentrated in the hospitality and leisure sector. The Bureau of Labor Statistics reported the data.
Why has this happened? Financial Advisor Mark Grywacheski got into the news Monday, January 11th. He says Wall Street was only expecting a gain of 50,000 jobs in December.
"When from July through September, we're averaging almost 1.3 million new jobs per month clearly shows the impact these tighter restrictions are having on employers," he said Monday morning.
Take a look at the graph he made which shows all the different sectors of the economy that have lost jobs since February of 2020. There's been more than a 23% decrease in the numbers of jobs in the leisure and hospitality sector since February of 2020.
Your Money with Mark airs live in between 5 and 5:30 a.m. every Monday throughout the year.