Investing.com – Today at 16.30 CET, the latest 2020 figures from the US will be released. When we look at the expectations and the change during the year before data
In the market, which started 2020 with a monthly employment of 225 thousand (273 thousand with the revision made in the next month), the 200 thousand base, which is the average of the last years before the pandemic, was preserved. In other words, the employment market was alive and well, but as of mid-March, as the epidemic hit the USA, employment decreased by 870 thousand people in March.
With the quarantine conditions in April, 20 million 687 thousand people lost the bill for employment due to the economy being completely closed. The US Department of Labor stated in reports that they are not very sure of the accuracy of the May and June figures.
Non-agricultural employment, which increased by over 1 million 700 thousand people in July, increased by over 1 million in the summer period. The figure, which decreased due to the increase in cases in September, decreased to 245 thousand in November with the introduction of restrictions.
Employment is expected to continue to decline in December due to the restriction of the service, entertainment, culture and tourism sectors in the USA, which is the country with the highest number of cases and loss of life in the world.
As of August, when it approached 15% to the top of recent years, it decreased to a single digit. The 6% base has been maintained in recent months, and the unemployment rate is expected to remain at 6%, as the sectors with the most important share in the US economy were closed due to the measures in December.
In the US economy, which returns its gains in both unemployment and employment after the 2008 crisis, 2021 will be the year of recovery and the support of incentive packages is very important in compensating for sectoral losses. The government of Biden is expected to continue incentives and make industry-specific regulations throughout the year.
Author: Necdet Erginsoy
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