The job market has bounced back from last year’s brief but intense coronavirus recession. When Covid hit, governments ordered lockdowns, consumers stayed home and many businesses closed or cut hours. Employers slashed more than 22 million jobs in March and April 2020, and the unemployment rate rocketed to 14.8%.
But massive government spending — and eventually the rollout of vaccines — brought the economy back. Employers have added 18.5 million jobs since April 2020, still leaving the U.S. still 3.9 million jobs short of what it had before the pandemic. The December jobs report, out Friday, is expected to show that the economy generated almost 393,000 more jobs this month, according to a survey by the data firm FactSet.
The unemployment rate has fallen to 4.2%, close to what economists consider full employment.