provides jobless aid to contractors and gig
workers who previously weren’t eligible was also
extended for 11 weeks. Both benefits had briefly
expired Dec. 26, temporarily cutting off all aid for
10 million jobless Americans.
The Labor Department said this week that
despite President Donald Trump’s delay in
signing the relief package — he did so six days
after Congress’ approval — jobless benefits
under the extended programs that lapsed Dec.
26 should be paid out without interruption.
The continued weakening of the U.S. job
market coincides with other signs that hiring
and economic growth are faltering under the
weight of the pandemic. On Wednesday, payroll
processor ADP reported that private employers
shed 123,000 jobs in December, the first such
monthly decline since April. ADP’s figures
generally track the government’s jobs data over
time, though they can diverge significantly from
month to month.
In November, consumer spending — the
lifeblood of the economy — declined for the first
time in seven months, having steadily weakened
since summer. Retailers have been especially
hurt. Purchases at retail stores have dropped for
two straight months.
During the holiday shopping season, consumers
pulled back on spending, according to debit
and credit card data tracked by JPMorgan Chase
based on 30 million consumer accounts. Such
spending was 6% lower in December compared
with a year ago. That was worse than in October,
when card spending was down just 2% from the
previous year.