The U.S. Department of Labor reported that nonfarm payrolls fell by 140,000 in December, the first time in eight months that the number of jobs shrank, countering previous expectations that the country would see jobs increase by 50,000, according to CNBC. The hospitality industry, especially bars and restaurants, was the hardest hit, while business and professional services made up most of what job gains there were. The overall unemployment rate was 6.7 percent, though this accounts only for those currently in the system who are actively looking for full-time work. If considering also those who have given up looking for work for job market related reasons, the rate is 7.1 percent; if considering also those who can work but just haven't, plus those who are in part-time work only because they cannot find a full-time position, the rate is 11.7.

The news comes at the same time that President-elect Joe Biden is pondering another round of pandemic aid on top of the one that passed late last year. Axios said he is considering a two-pronged approach. The first would be giving everyone $1,400 payments to make up the remainder of the $2,000 many (even the White House) wanted, alongside money for state and local aid, as well as funding for vaccine distribution. The second would be a $3 trillion tax and infrastructure plan that would be considered under budget reconciliation rules. BIden is confident these measures can be passed, given that the Democrats will soon control the House, the Senate and the presidency.