Friday, November 6, 2020

Job Market Improves November 6th 2020-Hospitality and Leisure

From the Bureau of Labor Statistics we have some good news on the job market. According to the press release....

"Total nonfarm payroll employment rose by 638,000 in October, and the unemployment rate declined to 6.9 percent, the U.S. Bureau of Labor Statistics reported today. These improvements in the labor market reflect the continued resumption of economic activity that had been curtailed due to the coronavirus (COVID-19) pandemic and efforts to contain it. In October, notable job gains occurred in leisure and hospitality, professional and business services, retail trade, and construction. Employment in government declined (1)"

When we look a little deeper we find that hospitality and leisure made up much of the gains. Technology also had some advantages. That might mean we are opening back up the economy and we are adapting with more online/virtual needs. Experts are likely to know more. 

Some of this gain also seems to parallels spread in COVID. Its a social disease so this makes sense. Those sectors and their growth/decline is based in what policies we put forward. I don't think we will truly close our economy again but we may instill policies that seem to make sense in limiting long-term health risks. 

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