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Unemployment DROPS to 7.9% in September As Trump’s V-Shaped Recovery Continues

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Unemployment is lower than it was under Obama/Biden, and that is without an unprecedented plague.

New jobs, unemployment numbers point to ‘V’-shaped recovery — only a Biden lockdown could end it.

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The only thing that could mess things up now is if politicians plunge the country into another lockdown for political reasons.

BarronsWhy a V-Shaped Economic Recovery Is Still on Track

Unemployment Rate Drops One Month Before Election Day

The unemployment rate declined slightly in September as communities continue to reopen for business. But unemployment periods are lengthening, signaling that the American job market is still struggling to recover from the initial impact of the pandemic.

By: Forbes, October 3, 2020:

The unemployment rate dropped to 7.9% in September, the Department of Labor reported today. Last month, 661,000 jobs were added to the economy, compared to 1.4 million in August—although that August spike was due in part to temporary Census workers.

While the unemployment rate has declined for five consecutive months, it’s still higher than it was in February, prior to widespread layoffs resulting from efforts to curb the spread of Covid-19, the Department of Labor noted. And while temporary layoffs have decreased, permanent job losses rose in September, meaning workers are feeling the long-term impact of the pandemic.
Recommended For YouSecretary of Labor Eugene Scalia painted an optimistic picture of a recovery that’s exceeding expectations, saying that more than half the jobs lost from the pandemic have been restored. He noted that the Congressional Budget Office previously predicted a 15.8% unemployment rate for this point in the year.

Notable gains took place in the retail and leisure and hospitality industries, and manufacturing also added 66,000 jobs, he said.

This is the last monthly jobs report that will be released before Election Day. Although Scalia’s comments indicate optimism, a deeper look at the numbers reveals that the employment landscape is not improving evenly for all workers.

Here 3.2% and 3.1%, respectively. In September 2020, those rates are 7.4% for men and 7.7% for women………

 

 

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