Biden moving in, economy takes a big shit.

Ten months after the coronavirus crisis decimated the labor 
market, the resurgent pandemic keeps sending shock waves through 
the American economy.

Though more than half of the 22 million jobs lost last spring 
have been regained, a new surge of infections has prompted 
shutdowns and layoffs that have hit the leisure and hospitality 
industries especially hard, dealing a setback to the recovery.

The latest evidence came on Thursday when the Labor Department 
reported that initial claims for state unemployment benefits 
rose sharply last week, exceeding one million for the first time 
since July.

Just days earlier, the government announced that employers had 
shed 140,000 jobs in December, the first net decline in 
employment since last spring, with restaurants, bars and hotels 
recording steep losses.

“We’re in a deep economic hole, and we’re digging in the wrong 
direction,” said Daniel Zhao, senior economist with the career 
site Glassdoor. “The report obviously shows that the rise in 
claims is worse than expected, and there is reason to think that 
things are going to get worse before they are going to get 
better.”

https://www.nytimes.com/2021/01/14/business/economy/unemployment-
claims.html