One of the biggest downfalls that has occurred during the pandemic is the lack of jobs. When the pandemic occurred the was a spike in the unemployment rate as many people either were furloughed or simply were out of work. With that aid the economy has taking a massive hit too because of the pandemic, within this article from CNBC there is information that points towards a positive outlook regarding the unemployment rate and ultimately in some sense the economy as a whole.
In August the unemployment rate dropped to 8.4%, although still way above the comfortable margin this is a good indication that the country is slowly climbing out of the downturn created by the pandemic. The biggest take away from the article though is that government hiring aided in the decrease of the unemployment rate. This was followed by adding gains in the retail, education, and health services sector. Overall aside from the government leading the way with hiring, nonfarm payrolls increased from 1.32 million to 1.37 million this month. Nonfarm workers are all workers aside from government workers, private household workers, proprietors, non profit employees, and farm workers. Within this category there was a payroll increase which is indicative of the economy fighting its way out of this downturn caused by the pandemic. Overall the month of August can be viewed in a very positive light as these statistics or indicators show that the economy is on the road to recovery.
https://www.cnbc.com/2020/09/04/jobs-report-august-2020-.html
3 comments:
Indeed this is great news. I have read a similar article recently and it mentioned that hourly and weekly earnings growth were steady at 3.28 percent in August and continued to improve as the number of hours worked increased. The national jobs index was also better than the previous month. This might be one more sign that the country is on the path to recovery. Things are very unpredictable but let's hope that this trend continues.
This is definitely an good indicator of recovery but with an second wave of covid on the way it still very unpredictable to know if the trend of recovery will continue upward. sadly we don't know if our economy has adapted enough to take another covid hit and continue to recover. hopefully this trend will continue
This is an excellent indication of the economy. With the unemployment rate dropping shows that the economy is doing better and is recovering. But we can see that its recoveries took place because of the first COVID wave, and now there will be a second wave, so maybe the economy goes back to where it was again. It all depends on how quickly COVID - 19 is not prevalent anymore.
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