The Biden Recovery:
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John Roberts
@johnrobertsFox
· 25m
August jobs numbers = 235,000. Projections were for 728,000
#swingandamiss
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Juanita Broaddrick
@atensnut
·
9h
We are facing a massive shortage of Conspiracy Theories..... as all of them have come true.
More info:
Jobs report disappoints — only 235,000 positions added vs. expectations of 720,000
PUBLISHED FRI, SEP 3 20218:30 AM Jeff Cox
FTA
Nonfarm payroll growth in August increased by just 235,000 vs. expectations of 720,000.
The unemployment rate fell to 5.2%, in line with estimates.
Leisure and hospitality jobs were flat during the month after leading the way for much of the year.
Wages rose at a 4.3% year-over-year clip.
Job creation for August was a huge disappointment, with the economy adding just 235,000 positions, the Labor Department reported Friday.
Economists surveyed by Dow Jones had been looking for 720,000 new hires.
The unemployment rate dropped to 5.2% from 5.4%, in line with estimates.
August’s total was the worst since January and comes with heightened fears of the pandemic and the impact that rising Covid cases could have on what has been so far a mostly robust recovery. The weak report could cloud policy for the Federal Reserve, which is weighing whether to pull back on some of the massive stimulus it has been adding since the outbreak in early 2020.
“The labor market recovery hit the brakes this month with a dramatic showdown in all industries,” said Daniel Zhao, senior economist at jobs site Glassdoor. “Ultimately, the Delta variant wave is a harsh reminder that the pandemic is still in the driver’s seat, and it controls our economic future.”
Leisure and hospitality jobs, which had been the primary driver of overall gains at 350,000 per month for the past six months, stalled in August as the unemployment rate in the industry ticked higher to 9.1%.
Instead, professional and business services led with 74,000 new positions. Other gainers included transportation and warehousing (53,000), private education (40,000) and manufacturing and other services, which each posted gains of 37,000.
The month saw an increase of about 400,000 in those who said they couldn’t work for pandemic-related reasons, pushing the total up to 5.6 million.
https://www.cnbc.com/2021/09/03/jobs-report-august-2021.html