The full-year GDP growth exceeded the government’s target range of 5.0 to 5.5 percent for the year and beat market estimates. The job situation has improved. The unemployment rate fell to 6.6 percent in December 2021, down from the peak of 17.6 percent in April 2020.
Moreover, employment level last December reached 46.3 million, representing a 3.7-million net employment gain from the pre-pandemic level in January 2020. Nevertheless, employment in some sectors that require close contact has yet to recover, particularly accommodation and food services and transportation. Manufacturing activities moderated, with the purchasing manager’s index (PMI) settling at 50.0 in January 2022.