Date: 2024-05-18 Page is: DBtxt003.php txt00019476
US Economy
This headline very misleading
Economy adds 1.4 million jobs in August, unemployment falls to 8.4 percent
Peter Burgess
The unemployment rate declined to 8.4 percent from 10.2 percent in July, according to the August jobs report, falling below 10 percent for the first time since March. Labor force participation also increased by 0.3 percent in August, an indication of both increasing strength in the job market and rising confidence among job-seekers.
August marks the fourth consecutive month of job gains and declining unemployment since the U.S. economy bottomed out in April. More than 20 million Americans lost their jobs that month, pushing the unemployment rate to a post-Great Depression high of 14.7 percent.
The August jobs report was also in line with the consensus expectations of private-sector economists, who projected gains between 1.2 and 1.4 million jobs last month.
The economy has now recovered roughly 10.7 million of the jobs lost to the pandemic as of August, though the number of unemployed Americans is still 11.5 million above its pre-coronavirus level in February.
August also brought declines in the number of Americans unemployed for less than five weeks and those unemployed for anywhere between five and 14 weeks, while the number of long-term unemployed Americans was little changed.
The solid August jobs report comes amid deep partisan stalemate over another round of coronavirus relief and fiscal stimulus. Economists across the ideological spectrum have called for boosting unemployment benefits, housing protections, and further aid to cash-strapped state and local governments.
President Trump hailed the report in Friday tweet touting the 'Great Jobs Numbers!'
'Great Jobs Numbers! 1.37 Million Jobs Added In August. Unemployment Rate Falls To 8.4% (Wow, much better than expected!). Broke the 10% level faster and deeper than thought possible,' Trump tweeted at 9:04 a.m., 26 minutes before the federal ban on Executive Branch commentary about market-moving data with one hour of release expired.Republican leaders who favor a smaller package closer to $1 trillion seized on the August numbers as proof that lawmakers should be focused on bringing Americans back to work as quickly as possible.
“For four months in a row now, Americans safely and sensibly got back to work,” said Sen. John Barrasso (R-Wyo.), chairman of the Senate Republican Conference.
“Republicans are ready to pass targeted and focused relief to get millions more people back on the job. Democrats are blocking this help.”
Even so, the August jobs report showed dangerous signs of a slowing recovery that could be further threatened by a plateau in coronavirus cases heading into autumn.
Some of the industries hit hardest by the pandemic have yet to recover many of the workers lost in March and April. The food and beverage service industry regained 134,000 workers in August and 3.6 million workers since April, but still has 2.5 million fewer workers than it did in February.
Retailers also added 249,000 jobs in August, but still have 655,000 fewer workers than in February.
One-fourth of the overall August employment gain also came from government jobs, including the hiring of 238,000 temporary Census workers. Those hired to help conduct the Census will lose those jobs after they are completed.
Stocks recover on jobs report Dow loses 800 points as tech shares plummet “The private sector added only 1.0 million jobs in August, down from 4.7 million in June and 1.5 million in July. That suggests the jobs recovery is slowing down,” wrote Julia Pollak, labor economist at ZipRecruiter, in a Friday tweet. “If we sustain the current pace of recovery, it will be a full year before private sector employment returns to pre-Covid February levels. If the pace of recovery continues to slow, the crisis could drag on for several years.” Updated at 9:20 a.m. 1,863 Just In... Stocks recover on jobs report FINANCE — 5M 58S AGO During Suicide Prevention Month, Trump needs to do more for troops' mental health OPINION — 17M 56S AGO Medical journal: Russia coronavirus vaccine produced antibody response in early trials INTERNATIONAL — 34M 5S AGO Retired general blasts Trump on reported military comments: 'You're no patriot' ADMINISTRATION — 41M 42S AGO What makes a good Foreign Service Officer or ambassador? OPINION — 47M 55S AGO Judge bars Kanye West from appearing on Arizona ballot CAMPAIGN — 1H 3M AGO More than 175 current, former law enforcement officials endorse Biden, call Trump is 'lawless' CAMPAIGN — 1H 3M AGO Economy adds 1.4 million jobs in August, unemployment falls to 8.4 percent FINANCE — 1H 15M AGO VIEW ALL Related News Gwyneth Paltrow Owns One of the Most Expensive Yachts in the World Gwyneth Paltrow Owns One of the Most… Sponsored | Investing.com CNN analyst draws social media ire for 'Karma' tweet CNN analyst draws social media ire for… Twitter removes video Eric Trump posted over copyright complaint Twitter removes video Eric Trump posted over… Fauci warns against emergency coronavirus vaccine approval before widespread testing Fauci warns against emergency… by