US Loses 140,000 Jobs as Pandemic Deepens
The Labor Department reports 140,000 payroll losses in December while the unemployment rate stays at 6.7 percent. Sectors hit include restaurants, bars, hotels, and entertainment venues, with nearly 10 million fewer jobs since the pandemic began. Most other industries add workers, highlighting sharp disparity. California and New York impose stricter limits as Covid cases surge. Economic output remains weak, but hopes rise with vaccines and anticipated fiscal aid.
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Semiconductor shortage forces auto production cuts
Global semiconductor shortages force major automakers including Volkswagen Ford Fiat Chrysler Toyota and Nissan to slow or halt vehicle production. Toyota reports evaluating supply constraints and countermeasures while Fiat Chrysler tightens lines in Brampton and Toluca. Industry experts warn lead times of six to nine months may prolong the impact despite efforts to divert chips to hotter SUV, truck, and pickup segments.
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Wall Street edges higher as investors cheer stimulus outlook
U.S. stocks closed at fresh records with the S&P 500 up 0.5 percent and the Dow and Nasdaq hitting new highs as technology and consumer stocks outpaced losses in other sectors. Treasuries rose on stimulus expectations while December jobs data showed payroll declines and rising long term unemployment. Wall Street bets on more fiscal aid from the Biden administration and faster vaccine rollout to lift growth.
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