The unemployment rate fell from 5.4% to 5.2%, in line with expectations. The total in August was 4,444, the worst since January, and it is accompanied by increased pandemic fears and the increase in Covid cases that may have an impact on the basically strong recovery so far. 4,444 The number of people unable to work due to pandemic-related reasons increased by approximately 400,000 this month, bringing the total to 5.6 million.
Nevertheless, this news is not all bad news for work.
was revised up significantly in the first two months. The total in July rose from the original estimate of 943,000 to 1.053 million, and in June it rose from 938,000 to 962,000. In these two months, the revised initial count increased by 134,000. 4,444 weekly jobless claims have fallen to the lowest level since the start of the pandemic in March 2020, but there is still a huge employment gap.
there aren’t enough jobs – employment firm Indeed estimates that there are around 10.5 million job openings now, which could easily set a record in the American job market.
Fed officials are closely monitoring employment data for clues as to whether they may begin to relax some of the political aid they have provided since the start of the pandemic.
In recent weeks, central bank leaders have expressed optimism about the employment situation, but said they need to see continued force to change direction. At risk is the Fed’s monthly bond buy-out program, which may begin to wind down before the end of the year.
However, if employment data turns weak, Fed officials may wait until 2022 before adjusting