US non-farm payrolls disappoint, boost Biden’s push for trillion-dollar stimulus



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US non-farm payrolls disappoint, boost Biden’s push for trillion-dollar stimulus

On Friday, US Labour Department’s job data had unleashed an unclothed veracity on a near-stagnant US labour market as US employment growth rose marginally last month, while layoffs had been much steeper than initially estimated, bolstering views that an ailing US labour market, which had been vying to vent out a way to return more than 10 million Americans back in the workforce, might muscle up an intransigent push from the Biden Administration to pass a sizeable relief package in the US Congress.

On top of that, the Labour Department’s closely observed job data released earlier in the day had revealed that a wide-spread layoff in manufacturing and construction despite an upsurge in new orders for US core capital goods, while there had been deeper-than-expected job losses at small-scale businesses such as restaurants and bars.

Retailers alongside transportation industry had also shrugged off jobs in light of a still-raging pandemic outbreak. According to US job data released earlier in the day, nonfarm payrolls rose by 49,000 in January, though data for December was revised upward to 227,000 jobs from a figure of 140,000 reported initially.

As of now, US employments have been at least 9.9 million jobs below from their pre-pandemic peak in February 2020, while the economy had also created 250,000 fewer jobs year-to-date on an annualized basis. Rubsalting the wounds, the Congressional Budget Office had said in a separate statement that the US employment would unlikely to return to a pre-pandemic level before 2024.

Biden pushes US Congress to pass a $1.9 trillion stimulus bill

Aside from that, as an unfathomable pressure was mounting over a stagnant US labour market, following release of Friday’s data, US President Joe Biden was quoted saying that a Biden Administration alongside a number of Democratic lawmakers would push for a $1.9 trillion in an additional relief bill despite steep resistance from the Republicans who had long warned of a ballooning national debt.

Meanwhile, as the Democrat-controlled House of Representative was expected to back Biden’s proposal of another trillion-dollar stimulus bill, Biden said in an address to the nation, “It’s very clear that our economy is still in trouble. I see enormous pain in this country. I am going to act fast.