The Labor Department reported that nonfarm payrolls fell by 140,000 in December and that the unemployment rate was unchanged at 6.7%. This was the first decline in jobs since April and reflects the recent increase in COVID-19 cases and efforts to contain the pandemic.
The NIC MAP® Data Service recently released national monthly data through September 2020 for actual rates and leasing velocity. In this release, NIC also provided data on three metropolitan areas for which there is enough data to report: Atlanta, Philadelphia, and Phoenix.
The Labor Department reported that nonfarm payrolls rose by 245,000 in November and that the unemployment rate fell to 6.7% from 6.9% in October. This suggests that the employment recovery from the COVID-related drop in March and April continues, but at a decelerating pace. The consensus estimates for November had been for a gain of 470,000. In November, nonfarm employment was below its February level by 9.8 million jobs or by 6.5%.
The Labor Department reported that nonfarm payrolls rose by 638,000 in October and that the unemployment rate fell to 6.9% from 7.9% in September. This suggests that the employment recovery from the COVID-related drop in March and April continues. Moreover, the increase is stronger than it seems on the surface because it includes a 147,000 decline in temporary Census workers. The consensus estimates for October had been for a gain of 580,000. Roughly 12.1 million jobs have been recovered during the May to October period. This is a little more than half the 22.2 million jobs lost since the pandemic began. The pace of improvement is slowing, however. In July, the economy added almost 1.8 million jobs and another 1.5 million in August. Gains slowed to 672,000 in September and 638,000 in October