Unemployment Rate Drops, Jobs Lag

By Staff Writer January 10, 2022

The American economy added 199,000 jobs in the month of December, and the unemployment rate was 3.9 percent, down from 4.2 percent in November. 

“This marks the first time unemployment has been under four percent since the pandemic began, and the largest ever one-year drop in the unemployment rate on record,” U.S. Labor Sec. Marty Walsh reported in a statement. “With strong, steady job growth every month of the Biden-Harris Administration, we added 6.4 million jobs in 2021, reaching 84 percent of the jobs lost at the start of the pandemic recovered, and empowering workers to secure higher wages, especially for low wage workers.

However, the Labor Department also reported less than half of the job gains that were anticipated, as many economists projected more than 400,000 jobs added, compared to the 199,000 reported.

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Last modified on Monday, 10 January 2022 14:27