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Economy lost 140,000 jobs last month, in final report of Trump presidency

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The final jobs report of 2020 shows a labor market teetering on the brink, as the pandemic’s chokehold on the economy strengthens.



Economists say the numbers lay bare the struggles facing American workers, and represent a mandate for President-elect Joe Biden's administration to accomplish two things: Address the immediate financial needs of these households, and develop a longer-term solution that fosters job growth and protects the workers most vulnerable to disenfranchisement.


“It’s eerily reminiscent of when Joe Biden took office as vice president facing a significant jobs challenge,” said Andrew Stettner, a senior fellow at The Century Foundation. “I think they're going to have a lot of urgency to do something early on.”

The government data comes just two days after a report by payroll processor ADP found that the private sector lost 123,000 jobs in December, the first decline since April.


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