The weekend is calling as another work week concludes. According to the Bureau of Labor Statistics, U.S. Department of Labor, the unemployment rate for the country held steady at 6.7% in December. The number of unemployed persons held stead at 10.7 million. While these figures are considerably lower than the spike we saw in April, they are still double the pre-pandemic levels we enjoyed last February. Attached is the Bureau’s new release on The Employment Situation – December 2020, which contains detailed statistics on our current state.
December bore witness to a continued decline in jobs in leisure, hospitality, and private education sectors. These losses were offset by some gains in professional and business services, retail trade and construction; sectors which are attempting to rebound.
Continued high unemployment figures will impact the unemployment tax rates. This is something we will continue to keep an eye on. Hopefully, you caught our post earlier this week regarding the anticipated increases in unemployment tax rates in Florida.
Unemployment often leads to criminal activities. As COVID-19 diagnosis continue to climb nationwide, so do predatory scams related to the pandemic. Spreading awareness of these scams is one of the best ways we can help to limit the number of individuals who fall victim. We hope you saw our post earlier this week sharing recommendations from Regions Bank Treasury Management and the FBI on how to avoid falling prey to these scams.
Stay safe and have a wonderful weekend everyone!