Pandemic fueled unemployment benefits are ending, but that didn’t mean any better outcome for the August jobs report, which was released on Friday. The U.S. economy is recovering slower than expected, as the Labor Department announced 235,000 jobs added in August vs. the expected 733,000.
Concerns over the Delta variant quelled commercial activity, and the hiring wave associated with reopening in early-summer both caused the disappointing report.
The unemployment rate declined by 0.2%, which was a boost, but not better than expected. In fact, August was the slowest month of jobs recovery since January, marking new concerns about the fall and the coronavirus pandemic.
“There are a lot of jobs but not necessarily a lot of desirable jobs,” Peter Quigley, CEO of Kelley Services told Yahoo. “And while employers are pounding the table wanting workers, workers are frankly taking their time, trying to figure out what jobs are the right fit for them. Job priorities have changed over the last 18 months.”
Workers are looking for different things now Quigley explained. Whether it’s well-being programs, remote opportunities, or more room for growth from low wage jobs – it’s all central to the continued path of the U.S. economy.
Now, economists are looking ahead to the fall months and how continued increase in coronavirus cases could impact the economy as people head indoors for the cooler time of year.
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