As we continue our series following the unemployment rates in the U.S., the unsurprising truth this month is that we have seen a plateau in the job market. The unemployment rate in December remained the same at 6.7%, unchanged from November. The trend continues to curve slightly downward as we get closer to arriving at an average pre-COVID percentage of 3.5%. In the New Year, we hope to see this number continue to decrease as the overall climate begins to normalize. Great news about various COVID-19 vaccines will bring about a significant change in the unemployment rates in the coming months. Still, it will take time to reach herd immunity and achieve pre-COVID levels of unemployment. Our December unemployment update contains vital information on trends, demographics, and more, so let’s check it out!
The JobGet team has compiled this report to deliver essential updates on unemployment, which you can download and review below.JobGet Unemployment Report Dec 2020 – v2 – updated
In December, teenage job-seekers might have had a more difficult time finding work. Teens saw a 2.1% increase in the unemployment rate among their cohort. However, we remain hopeful that the unemployment numbers will continue to decrease as the COVID vaccine is distributed and the job market begins to normalize. Industries such as Professional and Business, Retail Trade, and Construction experienced a positive increase in overall employment. This is likely due to the extra help hired to provide for busy holiday demands.
Companies have also started to raise their hourly wages as they re-open to attract employees to come back to work. Total nonfarm payroll employment faced a dramatic decrease, dropping by 140,000 after seven consecutive months of growth.
As we reflect on 2020, we have made a few promising predictions to guide us into the New Year. For instance, we are confident that the gig economy will continue to rise in popularity, with jobs such as delivery, ride-sharing, and other professional services experiencing normalization. We are hopeful that many companies will begin to welcome employees back into the physical workspace, especially after vaccination numbers rise.
JobGet wishes you and yours a happy, healthy New Year. Here’s to 2021!