Labor Market Recovers in August
According to the Labor Department reports, the U.S. economy generated 1.4 million jobs in August. As a result, the nation’s unemployment rate fell to 8.4 percent.
One of the biggest factors in this increase was due to government hiring, specifically the increase in U.S. Census workers. The retail, business services, and leisure and hospitality also improved and had opened jobs after suffering a hard-hit due to COVID.
The reports revealed that among the unemployed, the people on temporary layoff fell by 3.1 million last month to 6.2 million. Last April, the record in unemployment reached up to 18.1 million. On the other hand, the number of permanent job losers rose by 534,000 to 3.4 million. Thus, it increased by 2.1 million since February.
Stimulus from Government Funding Bill? Not Quite Yet
Despite having the Congress and the White House agree to fund the government to prevent a shutdown at the end of September, they haven’t offered any measure to help consumers and businesses to thrive from the economic effects of the pandemic.
At this time, the Republicans and Democrats haven’t finalized an aid package and how much money it should contain. Despite agreeing on many provisions, White House Chief of Staff Mark Meadows revealed that the two sides are still arguing about the funding state and local governments.
Meanwhile, Vice President Mike Pence stated that funding the government with a clean continuing resolution diminishes partisan disagreements. “Now, we can focus just on another relief bill, and we’re continuing to do that in good faith,” he added.
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Editor’s note on the recent COVID Job Update:
This piece is written to share recent updates about COVID.
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