1.4 million U.S. jobs were added in August
After the stock market experienced its worst day since June 11. It fell more than 800 points on Thursday, and there were concerns that there were not many employment reports in August.
On Friday, the Bureau of Labor Statistics reported some better-than-expected news. The United States added nearly 1.4 million jobs in August.
The devastated staff have been transferred back to the country. Although the level is lower than what we saw in the spring. 1.4 million jobs are an upward surprise for experts. But they are still below the 1.7 million in July and the 4.8 million new jobs added in June.
Compared with before the pandemic, we still have about 11 million fewer jobs. On the positive side, the unemployment rate dropped from a high of nearly 15% in April to about 8.4% in August. Unfortunately, we are still far from the 3% unemployment rate before Covid-19.
These figures reflect the lowest number of recruits since May.
During the pandemic, the United States lost 22 million jobs, nearly half of which made up for this loss. Vice President Mike Pence said: “This is another beautiful day for American jobs and American workers.” He believes the reported figures are “real evidence that the United States is making a comeback.”
A large part of the new job is related to the company’s transfer of workers, rather than hiring new people.
What remains worrying is that many temporary layoffs will become permanent job losses. Lydia Boussour, an economist at the Oxford Institute for Economic Research, pointed out: “Employment is trending towards a slow, slow growth trend, which is concerned about the broader recovery.” According to Boussour, these data “Verifies that the labor market has entered a frustratingly slow second phase of recovery.”
The worst-hit departments were a little angry.
The severely affected retail, restaurants, bars, leisure and hospitality industries have grown. There are gains in education, health services, financial services, transportation and manufacturing.
Although the employment report is relatively optimistic, we still have a long way to go.
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