January 2021 Jobs Report Shows Signs of Improvement02/05/2021
After a December 2020 jobs report that showed a heavy decrease in jobs added, January 2021’s jobs report provided some optimism. 49,000 jobs were added in January, a near 200,000 increase from December, showing that last month’s relapse was hopefully temporary at best and should continue to improve with the rollout of the COVID-19 vaccine that is well underway.
We’re also seeing the unemployment rate maintain a downward trend, now at 6.3% — the lowest such number since the pandemic began. While some industries are still struggling due to the pandemic, it’s worth noting that professional and business services added nearly 100,000 jobs after adding back 156,000 in December. Economists are hopeful that hiring will pick up as lockdown restrictions are lifted, giving a much-needed boost to the economy.