The U.S. unemployment rate dropped to 6.3 percent in January from 6.7 percent the month prior, beating expectations, according to the U.S. Department of Labor’s monthly jobs report.
The economy added more jobs than it lost in January, with an increase of 49,000. However, the growth missed economists’ predictions of 105,000 jobs added.
Sectors that saw job growth last month include business and professional services and finance, while bars and restaurants continued to lose jobs as coronavirus lockdowns continued to strain the economy.
Even with the January’s growth, the U.S. has recovered just 55 percent of the 22 million jobs that were lost in the first two months of the pandemic. Nearly 10 million fewer people are on payrolls now than before the pandemic.
Meanwhile, another 1.1 million people filed new unemployment claims last week.