US unemployment sinks to 3.9% as many more people find jobs

[Yo_Mama_Been_Loggin]

WASHINGTON (AP) — The nation’s unemployment rate fell in December to a healthy 3.9% — a pandemic low — even as employers added a modest 199,000 jobs, evidence that they are struggling to fill jobs with many Americans reluctant to return to the workforce.

The drop in the jobless rate, from 4.2% in November, indicated that many more people found work last month. Indeed, despite the slight hiring gain reported by businesses, 651,000 more workers said they were employed in December compared with November.

Still, the data reported Friday by the Labor Department reflected the state of the job market in early December — before the spike in COVID-19 infections began to disrupt the economy. Economists have cautioned that job growth may slow in January and possibly February because of omicron cases, which have forced millions of newly infected workers to stay home and quarantine. The economy is still about 3.6 million jobs short of its pre-pandemic level.

For now, steady hiring is being driven by strong consumer demand that has remained resilient despite chronic supply shortages. Consumer spending and business purchases of equipment are likely propelling the economy to a robust annual growth rate of roughly 7% in the final three months of 2021. Americans’ confidence in the economy rose slightly in December, according to the Conference Board, suggesting that spending was probably healthy for much of last month.

https://apnews.com/article/coronavirus-pandemic-business-health-consumer-spending-inflation-97634d0ba6a63c74b79ea10d5540ae28

[peppertree]

1. To think that if Cheeto were still there, we'd have another Bush-style collapse

He and his pals would be making a killing selling everything short.

[doc03]

3. This is huge but it has barely been reported on the MSM. That is what was always considered full

employment in the past. When Biden took office the unemployment was 6.3% now it is 3.9%!