Mon, January 30, 2023

The U.S. economy added 235,000 jobs in August

Consumers In The US Paying More For Everything

The American economy added just 235,000 jobs in August, while analysts expected 720,000 jobs to be added. Remarkably, concerns of the delta variant of the COVID-19 rise at the virus situation are weighing on economic growth.

According to Friday’s release of monthly data from the Bureau of Labor Statistics, the unemployment rate declined to 5.2% from 5.4%.

Remarkably, weekly initial jobless claims released Thursday dropped to 340,000, a pandemic-era low. However, private-sector job growth published by payroll processor ADP on September 1 badly undershot economists’ estimates, coming in at 374,000, while 600,000 had been anticipated.

As we know, August was bracketed by natural disasters. The month witnessed a sharp rise in the COVID-19 driven by the highly transmissible delta train accelerated in August. Moreover, it is weighing on consumer behavior and confidence. 

August witnessed the catastrophic Category 4 Hurricane Ida laying waste to buildings and infrastructure across New Orleans. Remarkably, it also churned up the Eastern Seaboard with a payload of record-breaking rainfall that paralyzed much of the New York City metro area.

Coronavirus infections have sharply boosted in the last weeks

Confirmed COVID-19 infections have increased nearly 20% in the last two weeks. Meanwhile, coronavirus deaths almost doubled during that period. The worsening public health outlook makes people more cautious about travelling and eating out and reducing the need for workers.

Additionally, restaurants and bars cut 42,000 jobs last month after adding 253,000 in July. Moreover, retailers cut 29,000 jobs in August.

The University of Washington forecasts that between now and December 1 there will be 100,000 COVID-19 death. Remarkably, it is more than in the same period last year, when a wave of winter infections hit the world and vaccines were unavailable.

Homebase, which makes scheduling software for small companies, witnessed a notable fall in hours worked in August — especially in the entertainment and hospitality industries.

Notably, the slowdown in its data was pronounced in the southeast, where coronavirus infections are especially high. New England, where infection counts are lower, fared somewhat better.

The spike in new infections has also discouraged some individuals from returning to work. Remarkably, it threatens to disrupt in-person schooling, which could make it harder for parents to hold down jobs.

Additionally, warehouses and delivery services added 53,000 jobs in August — as the online retail business expand.

Factories added 37,000 jobs in August, up from 27,000 the month before.

Wages have been increasing, especially in restaurants and hotels. However, prices have been rising too, eroding workers’ buying power. Private sector wages in August were up 4.3% from a year ago.

YOU MAY ALSO LIKE

Euro

The euro rose on Monday as hopes for an increase in eurozone

Rocket Lab’s Shares Falling, Unlike Their Rockets

Last week, Rocket Lab Inc. launched its first rocket from US territory,

Solana

What Impact Will The Helium Network Migration Have On The Solana Blockchain?

COMMENTS

10 responses to “The U.S. economy added 235,000 jobs in August”

  1. Timothy Croll says:

    Poor signals

    • (2)
      Support
    • (2)
      Platform
    • (2)
      Spreads
    • (2)
      Trading Instument

    One of the worst trading brokers I have traded with. Do not trust their signals.

    Did you find this review helpful? Yes No

  2. Amelia Gormanston says:

    My favorite broker

    • (5)
      Support
    • (5)
      Platform
    • (5)
      Spreads
    • (5)
      Trading Instument

    This is my favorite broker. People always assist me very nicely. Withdrawal is fast and best of all signals are so much profitable.

    Did you find this review helpful? Yes No

  3. Madison Kelley says:

    Recommended broker

    • (5)
      Support
    • (5)
      Platform
    • (5)
      Spreads
    • (5)
      Trading Instument

    I personally recommend this broker. They are excellent in so many ways. I get good profit and good services and I am quite happy.

    Did you find this review helpful? Yes No

  4. Koby Chinnery says:

    Inaccurate signals

    • (2)
      Support
    • (2)
      Platform
    • (2)
      Spreads
    • (2)
      Trading Instument

    They are not good trading brokers. They have a few signals that are not accurate.

    Did you find this review helpful? Yes No

  5. Archer Edgley says:

    Bad services

    • (2)
      Support
    • (2)
      Platform
    • (2)
      Spreads
    • (2)
      Trading Instument

    Bad trading services. They do not process withdrawals and ignore you after the deposit stage.

    Did you find this review helpful? Yes No

  6. Beau Mackey says:

    Delayed withdrawals

    • (2)
      Support
    • (2)
      Platform
    • (2)
      Spreads
    • (2)
      Trading Instument

    Delayed withdrawals is my reasong for quitting. I don’t think they are good broker to deal with.

    Did you find this review helpful? Yes No

  7. Ethan Harrhy says:

    Blocks withdrawals

    • (3)
      Support
    • (3)
      Platform
    • (3)
      Spreads
    • (3)
      Trading Instument

    Do not approve withdrawal requests. I have filed several requests but all have been rejected too.

    Did you find this review helpful? Yes No

  8. Harry Hulme-Moir says:

    Profitable offers

    • (5)
      Support
    • (5)
      Platform
    • (5)
      Spreads
    • (5)
      Trading Instument

    They have so many profitable offers. I took advantage of a few offers and am now successfully withdrawing a bigger profit.

    Did you find this review helpful? Yes No

  9. Declan Stretch says:

    Not legit broker

    • (2)
      Support
    • (2)
      Platform
    • (2)
      Spreads
    • (2)
      Trading Instument

    They are not a legit trading broker. Do not trade with them.

    Did you find this review helpful? Yes No

  10. Cooper Maurice says:

    Effective broker

    • (5)
      Support
    • (5)
      Platform
    • (5)
      Spreads
    • (5)
      Trading Instument

    Proven and tested to be a very effective trading broker. Highly recommended, too.

    Did you find this review helpful? Yes No

Leave a Comment

Your email address will not be published. Required fields are marked *

User Review
  • Support
    Sending
  • Platform
    Sending
  • Spreads
    Sending
  • Trading Instument
    Sending

BROKER NEWS

OANDA Japan: No More fxTrade, USD/JPY Margin Shift

On Friday, one of Japan’s longest-standing online forex and CFD brokerages, OANDA Corporation, announced major changes to their service.  Specifically, the Japanese subsidiary of the brokerage will no longer allow new downloads of

BROKER NEWS

Broker News

OANDA Japan: No More fxTrade, USD/JPY Margin Shift

On Friday, one of Japan’s longest-standing online forex and CFD brokerages, OANDA Corporation, announced major changes to their service.  Specifically, the Japanese subsidiary of the brokerage will no longer allow new downloads of its