Jason furman, American economist

Washington, Feb 6 US employers added just 49,000 jobs in January, after slashing some 227,000 jobs the previous month, the Labour Department reported.In a report issued on Friday, the Department said that the unemployment rate, meanwhile, fell by 0.4 percentage point to 6.3 per cent in January, still well above the pre-pandemic level of 3.5 per cent in February 2020, reports Xinhua news agency.In January, job gains in professional and business services and in both public and private education were offset by losses in leisure and hospitality, retail trade, health care, transportation and warehousing, the report showed.The number of permanent job losers stood at 3.5 million, changing little in January, but 2.2 million higher than in February, according to the report.Amid widespread Covid-19 shutdowns in March and April 2020, 22 million Americans lost their jobs.Despite improvement, the US labour market's recovery has been stalled in recent months amid surging Covid-19 cases.The latest data showed that the number of unemployed persons in January decreased to 10.1 million, which is about 4.4 million higher than the pre-pandemic level in February 2020."The labour market's recovery is only stumbling along," Sarah House, senior economist at Wells Fargo Securities, wrote in an analysis, noting that the job growth in January only partially reversed previous month's decline.In an analysis published on Friday, Peterson Institute for International Economics (PIIE) senior fellow Jason Furman and Harvard Kennedy School research associate Wilson Powell argued that the newly released official unemployment rate understates the level of joblessness by 2 per cent.Furman and Powell calculated that the "realistic unemployment rate" was 8.3 per cent in January, taking into account workers who reported being "not at work for other reasons" and the unusually large decline in labour force participation.( With inputs from IANS )Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

Home

City

Latest News

Cricket

LT Premium

National

International

Maharashtra

Opinions

Chhatrapati Sambhajinagar

Nagpur

Entertainment

Photos

Business

Technology

Sports

Lifestyle

Social Viral

Lokmat Games

Health

Lok Sabha Election 2024

Heatwave In India

Mumbai Water Cut

Maharashtra Lok Sabha Election

IPL 2024

Salman Khan

Jason FurmanFOLLOW

Jason furman, Latest News

Politics :US unemployment ticks up to 4% in Jan

Washington, Feb 5 US employers added 467,000 jobs in January amid the Omicron surge, with the unemployment rate ... ...

Politics :Covid-induced US recession lasted 2 months: Report

Washington, July 20 A new report has revealed that the 2020 US recession induced by the coronavirus pandemic ... ...

International :US adds 49,000 jobs in January

Washington, Feb 6 US employers added just 49,000 jobs in January, after slashing some 227,000 jobs the previous ... ...