Washington DC February 8 : President Joe Biden on Friday, February 5, issued a caution on the future of the economy, saying at the current rate of job growth, the US will have to see another 10 years before getting back to full employment. The Democratic leader’s dark note came after the latest reports cited that the country added 49,000 jobs in January with only 6,000 of them appearing in the private sector.
The US Bureau of Labor Statistics reported the same day that the unemployment rate fell but only by 0.4 percentage point to 6.3 percent last month, while non-farm payroll employment changed by only 49,000. “The labor market continued to reflect the impact of the coronavirus (Covid-19) pandemic and efforts to contain it.In January, notable job gains in professional and business services and in both public and private education were offset by losses in leisure and hospitality, in retail trade, in health care, and in transportation and warehousing,” the bureau said.