The U.S. received a lousy, poor, and disappointing job report. 235,000 jobs were added to the U.S. economy in August. So why is this considered a massive disappointment? Economists have been expecting 728,000 jobs to be added. Economists are blaming this on the delta variants of COVID.
Let's break this down into parts. Since delta variants surged and hospitals filled up, job growth went to the lowest, contrary to July. Hiring in leisure and hospitality, which drove so much of job gains, has stalled. It is now down 10% from before the pandemic. There were many job losses in retail stores, bars, and restaurants. Even without renewed lockdowns, Americans are turning more cautious about going out. But you can see higher employment rates in professional jobs like architects, engineers, and scientific searches. Unemployment improved from 5.4% to 5.2%, which is the lowest rate since the pandemic broke out. But the economy is still down 5.3 million jobs since the pandemic began.
*Vocabularies; variant, drag, stall, renew, turn, down
REFERENCE
The U.S. received a lousy, poor, and disappointing job report. 235,000 jobs were added to the U.S. economy in August. So why is this considered a massive disappointment? Economists have been expecting 728,000 jobs to be added. Economists are blaming this on the delta variants of COVID.Let's break this down into parts. Since delta variants surged and hospitals filled up, job growth went to the lowest, contrary to July. Hiring in leisure and hospitality, which drove so much of job gains, has stalled. It is now down 10% from before the pandemic. There were many job losses in retail stores, bars, and restaurants. Even without renewed lockdowns, Americans are turning more cautious about going out. But you can see higher employment rates in professional jobs like architects, engineers, and scientific searches. Unemployment improved from 5.4% to 5.2%, which is the lowest rate since the pandemic broke out. But the economy is still down 5.3 million jobs since the pandemic began.
*Vocabularies; variant, drag, stall, renew, turn, down
REFERENCE
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