Inflation is surging and new coronavirus infections are spiking, but America’s employers are thought to have kept right on hiring in December on the strength of solid consumer spending.
All told, the number of jobs grew more than 4% in 2021 through November, the biggest gain since 1978, after a 6.2% plunge in jobs in 2020. So great was the pandemic-driven loss of employment, though, that even now, the economy remains nearly 4 million jobs shy of pre-pandemic levels.
Alaska Airlines said it's cutting 10% of its flights in January because of an “unprecedented” number of employees calling in sick. But because early studies have shown omicron variant appears less virulent than previous COVID-19 variants and few states or localities have moved to limit business operations, economists say they believe its economic impact will be short-lived.
Still, Andrew Hunter, an economist at Capital Economics, a forecasting firm, calculates that up to 5 million people — roughly 2% of America's workforce — could be stuck at home with COVID over the next week or so. Workers without sick leave who miss a paycheck are classified by the government as jobless. Any such trend could sharply lower job gains in the employment report for January, to be released next month.
The upward trajectory of new COVID cases will also likely weigh on jobs at restaurants and bars. The number of Americans willing to eat at restaurants started to slip in late December, according to the reservations website OpenTable. Restaurant traffic was nearly at pre-pandemic levels for much of November but had fallen nearly 25% below those levels by Dec. 30, based on a weekly average of OpenTable data.
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Nothing About Us Without Us: Disability and the Climate Crisis - Women’s Media CenterEveryone is affected by climate change. But some people — who are already less visible than others — are at greater risk of harm than most. People with disabilities face different and more intense challenges than non-disabled people in the face of events like extreme heat, wildfires, hurricanes, and droughts.
Read more »
Monks cut ties with Catholic school after lesbian lacrosse coach's hiringA group of Benedictine monks has cut ties with a Catholic school in a Chicago suburb after it hired a lacrosse coach who is in a same-sex marriage.
Read more »
Gold Prices Grapple with Rising Real Yields and U.S. Dollar OutlookDespite the bullish dollar outlook and soaring U.S. Treasury yields this year, gold prices have respectfully maintained relatively valuations. Get your market update from WVenketas here:
Read more »
British Pound Latest: GBP/USD Rally Continues, US Dollar Risks Lie AheadCable’s recovery from its multi-month lows printed in December continues with the pair pushing ever higher and back to levels last seen over two months ago. Get your market update from nickcawley1 here:
Read more »
Steve Harvey's Zany Courtroom Reality Series Shows Us Why He’s a Master EntertainerHe’s not a real judge and he has no legal experience, but Harvey is at his best (and most ridiculous) on the new ABC reality show.
Read more »
US President Biden could announce remaining Fed nominees as soon as this week - ReutersUS President Joe Biden could announce remaining Federal Reserve Board of Governor Nominees as soon as this week, a source told Reuters. Michigan State
Read more »