The summer jobs boom was revised down, while November and December were revised way up. Doesn’t change the web acquire for the year by a lot, but makes the monthly adjustments look a lot much less unstable. Average weekly hours for leisure and hospitality industries in January fell barely to 24.6, in contrast with 33 in 1964, the earliest yr on record for these industries. Even in a tight labor market, many are given fewer hours than they need. There are 2.9 million fewer jobs now than earlier than the pandemic, however as Elise Gould of Economic Policy Institute points out, when you take population progress into consideration, the shortfall is four.5 million. Payrolls grew by 6.7 million over the total year, probably the most on report — and never a lot different than the 6.6 million reported before the revisions.

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• Today’s information “will inevitably further gas expectations of the Fed unleashing a larger” improve in March, Andrew Hunter at Capital Economics wrote in a analysis note.
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