Thank you, Steve Liesman for not allowing the mainstream media to misinterpret the jobs report. It is better than the spin.
Steve Liesman dispels the employment misinformation
The U.S. economy added far fewer jobs than expected in December just as the nation was grappling with a massive surge in Covid cases, the Labor Department said Friday. Nonfarm payrolls grew by 199,000, while the unemployment rate fell to 3.9%, according to Bureau of Labor Statistics data. That compared with the Dow Jones estimate of 422,000 for the payrolls number and 4.1% for the unemployment rate.
Job creation was highest in leisure and hospitality, a key recovery sector, which added 53,000. Professional and business services contributed 43,000, while manufacturing added 26,000. The unemployment rate was a fresh pandemic-era low and near the 50-year low of 3.5% in February 2020. That decline came even though the labor force participation rate was unchanged at 61.9% amid an ongoing labor shortage in the U.S.
Steve Liesman made it clear that the December jobs report many are maligning is understood in the proper context. Americans should not misunderstand the narrative. Too often the mainstream media is deleterious. Not this time.
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