USA's Latest Non-Farm Employment Data for 2020 Came Badly

The USA's latest non-farm employment data for 2020 came out badly. Accordingly, non-agricultural employment data in the USA decreased by 140 thousand people in December despite the expectation of an increase of 71 thousand people. The last set of employment for 2020 from the United States has been announced. Non-agricultural employment was expected to increase by 71,000 people in December, but decreased by 141,000. It suffered the sharpest drop after a record 20 million drop in April. The unemployment rate maintained its course at 6.7 percent in the last month of 2020. Hourly earnings increased by 0.8 percent on a monthly basis, with an annual gain of 5 percent after April, the highest after May. The employment market, which experienced a record decline in the first quarter of the year due to the coronavirus epidemic, recovered in the second half of the year, but has weakened again in recent months as a result of tightened measures due to the increasing number of cases. The biggest decline was experienced in the service sector in December. The reason for such a decrease in the service sector is that the spaces representing the sector are closed within the scope of coronavirus measures. The record-breaking stimulus package was implemented as the end of the Donald Trump administration approached, while the Fed argues that more support is needed to keep employment up. Financial growth due to incentives is expected to continue in the first half of the year under the new President Joe Biden.