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Published at 9:30 AM, January 7, 2022
Below, EPI economists provide their preliminary insights on the December employment report released this morning.
From Elise Gould, Senior Economist at EPI (@eliselgould):
Read the full Twitter topic here.
The December employment report is a bit duplicated last month: the employment survey is significantly weaker than the household survey. In other words, the long-term situation is quite consistent. During the year, the number of employed people increased by an average of 537,000 per month, faster than the past three recovery periods. pic.twitter.com/wpFd6Zzzkm
-Elise Gould (@eliselgould) January 7, 2022
The increase in the black unemployment rate seems to be borne by black women, whose unemployment rate jumped sharply from 4.9% to 6.2% in December, partly due to a decline in employment levels and an increase in labor force participation. pic.twitter.com/VfuJWFkgUy
-Elise Gould (@eliselgould) January 7, 2022
Employment in the leisure and hospitality industry continues to show an upward trend, with an increase of 53,000 in December. The leisure and hospitality industry added 2.6 million jobs in 2021, but compared with the pre-pandemic employment levels, it is still the industry with the largest gap. pic.twitter.com/jBLBDKXqqP
-Elise Gould (@eliselgould) January 7, 2022
From EPI Chairman Heidi Shierholz (@hshierholz):
Read the full Twitter topic here.
How to explain when this happens? The rule of thumb is to put more weight on salary surveys because it is much larger. But the unusually strong household survey means that we don’t have to be too excited about lower-than-expected wage surveys. 2/
-Heidi Shierholz (@hshierholz) January 7, 2022
This is largely due to ARPA. Unlike after the Great Recession, Congress formulated the fiscal policies needed to achieve a strong recovery here. We are expected to be many times faster than recovering from the Great Recession. 4/
-Heidi Shierholz (@hshierholz) January 7, 2022
There is an absolutely devastating gap between state and local government jobs: 10,000 jobs were lost in December, and 944,000 jobs have been lost since February 20-most of which are education jobs, 567,000 jobs. It is vital that the S&L government uses their ARPA funds to fill these jobs. 6/ https://t.co/IzEVMtjVXE
-Heidi Shierholz (@hshierholz) January 7, 2022
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