The price of the U.S. dollar slipped on Friday following a weaker-than-expected jobs report as the U.S. economy struggles to recover …
The price of the U.S. dollar slipped on Friday following a weaker-than-expected jobs report as the U.S. economy struggles to recover from the COVID-19 pandemic and lockdowns. The Department of Labor reported on Friday morning that the U.S. economy added 199,000 jobs in the month of December. The gain was roughly half of what economists predicted. The unemployment rate dropped to 3.9%, outpacing economists’ expectations of 4.1%. The share of working adults, however, still has not returned to pre-pandemic levels as many continue to stay out of the workforce, according to Axios. “Employers want to create new jobs, and are hiring the formerly unemployed, driving down the jobless rate,” Axios reported Friday. “But that isn’t coaxing more people to work. The share of adults in the labor force was unchanged in December and remains 1.5 percentage points below pre-pandemic levels.” The report preceded a dip in the purchasing power of the U.
