this unemployment rate United States of America broke his losing streak and rose two-tenths in AugustThe labor market of the world’s leading power remains intact with figures close to the pre-pandemic period, but stands at 3.7%.
The number of unemployed rose by 344,000 in August to reach six million, according to data released this Friday by the Bureau of Labor Statistics (BLS, in English).
Job creation slowed in August with 315,000 new jobs compared to more than half a million registered in July. Marked a return to February 2020 levelsBefore the pandemic, the unemployment rate was 3.5%.
August data is therefore relative cooling of the labor marketAfter good data in July.
In fact, unemployment has fallen steadily since peaking at 14.7% in April 2020 and has only risen twice, not more than once in ten, during this period.
315,000 jobs were created in August, also less than the average number of jobs created between March and June, when an average of 388,000 jobs were created.
“Good news” for Biden
The excellent strength of the American labor market is one of the chief prides of American president Joe Biden, and one of the forces he has leveraged to get out of the dreaded recession.
In fact, after learning the data, the president described them as a public intervention. “good news”.
“The great American backhoe continues,” Biden has said since taking office in January 2021. approximately 10 million new jobs createdWith “the fastest growth in United States history”.
The first world power entered a technical recession in the second quarter of this year and recorded GDP falling for two consecutive quarters despite the Government insisting that the country cannot be considered in recession in terms of economic indicators such as employment.
Biden also noted that “there are some signs that inflation may start to decline” after prices fell 8.5 percent or six-tenths year-on-year in July.
restrictive monetary policy
Despite the president’s optimism, cooling is known just days after Federal Reserve (Fed) chairman Jerome Powell acknowledged it in a speech at the Jackson Hole forum.Restoring price stability will “probably” require maintaining a “tight” monetary stance for a time.a situation that will have consequences in the labor market.
BLS data shows that notable job gains have occurred in professional and business services, healthcare, and retail by industry.
By population groups, unemployment rates increased in August for adult males (3.5%) and Hispanics (4.5%), while adult females (3.3%), adolescents (10.4%), Whites (3.2%) ), Black (6.4%), and Asian (2.8%) showed little change over the course of the month.
Among the unemployed, The number of people who lost their permanent jobs increased by 188,000 It reached 1.4 million in August. The number of temporary unemployed remained almost unchanged at 782,000.
The number of long-term unemployed (unemployed for 27 weeks or more) was little changed, reaching 1.1 million in August. The long-term unemployed represent 18.8% of all unemployed.
Since May 2020, the BLS has also been asking supplemental questions to help gauge the effects of the coronavirus pandemic on the labor market, such as remote working.
a) Yes, Due to the epidemic, 6.5% of the employed people worked on telework at a rate of 7.1% in August compared to the previous month..
Additionally, 1.9 million people reported being unable to work as their employers closed or lost their jobs due to the pandemic, up from 2.2 million in July.
Among those not included in the labor force in August, 523,000 people were unable to find a job due to the health crisiswith little change from the previous month.