U.S. unemployment rate falls below 10%, August job growth slower
The month of August yielded declining job growth figures in the United States as financial assistance from the government was all used up after six months of battling the coronavirus crisis. The economy’s recovery is now feared to be halted.
The U.S. Labor Department’s released employment report on Friday nailed the expectations of low turnout as the transportation sector and manufacturing industry announced layoffs previously. The increasing unemployment claims could add pressure on the White House and Congress to reinstitute the stalled fiscal package.
A Reuters survey among economists said that nonfarm payrolls likely increased by 1.4 million jobs in August. Employment record spiked in July by 1.673 million and its growth peaked at 4.791 million in June. The employment report released on Friday is one of two labor market scorecards left to be released before the presidential elections on Nov. 3.
However, would still be about 11.5 million below its pre-pandemic level.