The Economic Perspective: “December Job Losses”

Mary: This is Mary Walden with economist MW welcoming you to the economic
perspective. Today’s program looks at December job losses. Mike, after having job gains
for every month after April, that trend changed in December. In December, the nation
lost 140,000 nonfarm jobs. What caused the turnaround, and is it concerning?
Mike: Summary Answer
a. Resurgence of virus, and reinstitution of some economic restrictions in
many states
b. Also, as people have heard about the comeback of the virus, they
voluntarily limit their movement
c. Losses were concentrated in leisure/hospitality – down 500,000 jobs
d. Other sectors gained – professional, finance, construction and
manufacturing jobs
e. Economic outlook is still upbeat – vaccine is key
f. I’m MW
Mary: And I’m Mary Walden for the Economic Perspective, a program from the
Department of Agricultural and Resource Economics, NC State Extension.