In October the U.S. added 531,000 jobs and became the best month in the labor market. According to data released by the Labor Department, these new job gains were greater than the 450,000 new jobs predicted by economists.
Even with the better-than-expected jobs data, the number of unemployed people in the country dropped only slightly from 7.7 million to 7.4 million, which was 5 million in February 2020.
The labor force participation rate that measures the percentage of workers that are employed or actively seeking employment stayed at 61.6% and has not moved since June 2020 said Bankrate analyst Mark Hamrick.
With the ending of federal enhanced unemployment benefits, many workers have returned to the labor force, strengthening the labor market in October said Jay Pestrichelli, the CEO of Florida-based investment firm Zega Financial.
Industries like leisure and hospitality, manufacturing, and transportation saw notable job gains as Covid-19 cases declined.
During the height of the pandemic in April 2020, the unemployment rate hit a record high of 14.7%. The United States has recovered about 80% of 20.5 million jobs so far.
Reference Source: Forbes
https://www.compareclosing.com/mortgagenews/u-s-labor-market-far-from-pre-pandemic-level/
Neel Kashkari, president of the Federal Reserve Bank of Minneapolis, said that the April jobs report highlights how far the US has to go in reviving its labor market.Economists are shocked due to the fragility of the US economic recovery.
According to data published by the Bureau of Labor Statistics on Friday, in April The US added only 266,000 confirm payrolls.In comparison to a median estimate of 1 million payrolls and the March sum of 770,000.Kashkari said on CBS’s “Face the Nation” thatthe data proves the country is far from a full recovery.He added that even though certain pockets of the economy are roaring back, the policymakers shouldn’t retreat from providing support until millions more Americans find their way back into the workforce.He said if the COVID pandemic had not hit then approximately eight to 10 million Americans should be working right now.
So America still needs to do everything it can to put these people back to work and do it quickly.The April figures cannot be pinned to any single factor the Fed president added.This shortfall resulted in many Republicans blaming the expanded unemployment benefits leading to a decrease in the motivation to work.On Monday, President Joe Biden did not agree to these claims, saying the benefit helped millions of Americans to stay afloat.He further added that jobless Americans refusing to work shouldn’t be able to stay on unemployment insurance, which is not an announcement of a new policy, but reinstatement of prior requirements implemented by the states.Childcare shortages are one of the factors for many parents missing out on work.For many others, the fear of contracting COVID-19 outweighs their job search the Fed president said.Kashkari said when the virus slows down, and schools reopen people will regain their confidence, this could lead to strong growth in the second half of the year resulting in strong labor market recovery.Reference Source: Business Insiderhttps://www.compareclosing.com/mortgagenews/the-labor-market-in-america-requires-more-support/
Find out how Mark Harbison's real estate experience has contributed to their role as a licensed realtor for The Corcoran Group's Westside Columbus office.Click Here -: realtor new york
Labor Day is an exciting summer holiday that is celebrated on the first Monday of September.
Every year people used to celebrate with huge events and thrilling activities.
This year we cannot expect huge events and crowded gatherings because of the pandemic.
There won’t be extensive parades or groovy outdoor concerts, but that doesn’t by any chance mean that we won’t celebrate.
There are still some exciting things to do on labor day weekend to make your holiday exciting.
