Economy Sees Job Loss In December For The First Time In Eight Months

• The U.S. labor market suffered its first net loss of jobs in eight months in December, as the surge in COVID-19 cases hit service sectors of the economy hard in the run-up to the Christmas holiday.
• The Bureau of Labour Statistics said nonfarm employment fell by 140,000 through the middle of the month, compared with expectations for an increase of 71,000. However, the waters were muddied by a big upward revision to hiring in November, where payrolls grew by 336,000, rather than the 245,000 initially reported last month.
• The unemployment rate, meanwhile, stayed at 6.7% of the workforce, defying expectations of an increase to 6.8%.
• The carnage of lockdown measures was most evident in the hospitality sector, where 372,000 jobs were lost in bars and restaurants nationwide. Another 92,000 were lost in entertainment parks and casinos.

(Source: CNBC News)