The Economic Perspective: “A Disappointing Job Report”

Mary: I’m Mary Walden with economist MW welcoming you to the economic
perspective. Today’s program looks at a disappointing job report. Mike, the nation added
only 49,000 net new jobs in January, which is very small considering we have a total of
142 million jobs in the country. What happened to keep the job growth so small?
Mike: Summary Answer
a. Resurgence of the virus and some new constraints on the economy
b. Saw this particularly in the hospitality/leisure sector, where hotels,
restaurants, and entertainment all lost jobs
c. In contrast, temporary help, education, and professional jobs had solid
gains
d. The rebirth of the virus this winter caused the economy to take a step back,
with disappointing reports in both December and now January
e. Hopefully, with the vaccine and falling case number, we will return to
improvement
f. I’m MW
Mary: And I’m Mary Walden for the Economic Perspective, an NC State Extension
program from the Department of Agricultural and Resource Economics.