A recent “chart of the week” from the Mortgage Bankers Association highlights the various metrics around extended unemployment during the (still) ongoing Coronavirus pandemic. They point out that the pandemic continues to impact the labor market and that total employment remains 6.5% below where it was in February, 2020.
“The COVID-19 pandemic continued to impact the labor market to close 2020. Today’s release from the U.S. Bureau of Labor Statistics showed that faster layoffs led to a loss of 140,000 jobs in December and kept the headline unemployment rate (U-3) at 6.7 percent. Total employment remains 6.5 percent below the level in February 2020, with the greatest job losses still in the leisure and hospitality sector – down 23 percent. Much of the decline last month was driven by 372,000 job losses at restaurants and bars, caused by restrictions due to the pandemic.”