By. Tom Burnett CFA
On February 5, 2021, the Bureau of Labor Statistics announced that total employment in the U.S. economy rose by 49,000 in the month of January. The unemployment rate declined from 6.7% in the prior month to 6.3%. In February 2020, before the impact of COVID-19, the rate was just 3.5%. In the latest report, the number of unemployed workers reached 10.1 million, compared to 5.7 million, a year ago. The number of employed workers is now 142.6 million, well above the worst 2020 level of 133.0 million. The average hourly wage rose to $29.96 in the latest period, from $28.43 in January 2020. Overall, the economy’s employment situation showed continued recovery from the depths of the pandemic last year.
The next monthly report will be issued on March 5, 2021.
Tom Burnett CFA is Director of Research