The final jobs report of 2020 shows a labor market teetering on the brink, as the pandemic’s chokehold on the economy strengthens. More Winning!
“It’s eerily reminiscent of when Joe Biden took office as vice president facing a significant jobs challenge,” said Andrew Stettner, a senior fellow at The Century Foundation. “I think they’re going to have a lot of urgency to do something early on.”
The economy shed 140,000 jobs in December, a clear indication that the pandemic’s chokehold on economic activity strengthened in the final weeks of last year.
The unemployment rate held steady at 6.7 percent.
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Economists say the numbers lay bare the struggles facing American workers, and represent a mandate for President-elect Joe Biden’s administration to accomplish two things: Address the immediate financial needs of these households, and develop a longer-term solution that fosters job growth and protects the workers most vulnerable to disenfranchisement.