U.S. employers hired 1.4 million in August as unemployment fell to 8.4%. This is more proof that Donald Trump can and will bring back the U.S. economy after the virus took it down.
Dishonest brokers will report it as bad news but it shows that the President can and will bring our economy back to where it left off. For example, CBS News has already said the increase in jobs has slowed indicating progress has slowed. WTH! It’s slowed because many jobs are back already. SunSentinel wrote: “Friday’s report added to evidence that nearly six months after the coronavirus paralyzed the country, the economy is mounting only a fitful recovery.”
The labor market is continuing its steady recovery despite blue states dragging their feet opening up. New York City is likely the worst. Communist Mayor Bill de Blasio is bankrupting the restaurants while New Jersey even opens up. New Yorkers will go to New Jersey to dine, making matters worse for the restaurants sticking people on sidewalks.
Recently a car went up on the sidewalk and plowed into diners, six were hurt. Some diners complain of rats.
THE STORY
The Labor Department’s payroll report released Friday showed the jobless rate fell sharply to 8.4%, down from 10.2% in June and a peak of 14.7% in April. It marks the first time since March that unemployment is below 10%.
It’s better than expected.
Economists surveyed by Refinitiv expected the report to show that unemployment dropped to 9.8% and the economy added 1.4 million jobs. It’s well below the combined 7.5 million jobs added in May and June before hiring cooled in July, with 1.9 million added.
“We are still moving in the right direction and the pace of the jobs recovery seems to have picked up, but it still looks like it will take a while – and likely a vaccine – before we get back close to where we were at the beginning of this year,” said Tony Bedikian, head of global markets at Citizens Bank.
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Here comes the downer the left wants you to have in your head before you vote: “Still, joblessness remains historically high. The unemployment rate sat at 3.5% in February, a half-century low, before the crisis began.”
Census workers allegedly accounted for one-quarter of the increase, allegedly.
Notable Gains
Other notable gains came from retail, which added 249,000 new jobs, and professional and business services, which jumped by 197,000. Leisure and hospitality, the hardest-hit sector during the pandemic, increased by 174,000 positions, a majority of which stemmed from bars and restaurants.
That is excellent news along with news in the education and health sector. It’s listed at the end of the articles.
Education and health services jumped by at 147,000, and transportation rose by 78,000. Financial activities increased by 36,000, manufacturing rose by 29,000 and wholesale trade was up by 14,000.
The number of Americans on furloughed also plunged: 24.2 million people who said they not working because their employer either closed or lost business as a result of COVID-19, down from 31.3 million in July.i
Over the past four months, the economy has added back about half of the 22 million jobs it lost during the pandemic, data show. There are currently 11.5 million more out-of-work Americans than in February.
