Economy

Unemployment dips as 246000 jobs added in August: StatCan

Unemployment dips as 246000 jobs added in August: StatCan”

The 7,823 initial unemployment claims filed last week in Alabama marked a 9.8 percent decrease from the 8,676 initial claims filed in the week ending August 22, according to Labor Department data.

Now, it is below the national unemployment rate. But the rate of hiring has slowed each month this summer, a signal that the economic recovery from the coronavirus pandemic may be losing steam.

Many economists warn that mass layoffs will continue and that any recovery will likely falter as long as the virus rages and Congress doesn't extend another round of rescue aid for the unemployed and for state and local governments.

But because of the plunge in March and April, Canada still has 1.1 million fewer paid workers than it did in February, before COVID-19 hit.

According to economists, the August employment report is estimated to show that 1.4 million jobs were added and that the unemployment rate fell from 10.2% to 9.8%.

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Employment also rose at a faster pace for women than men for the third straight month as Statistics Canada reported women gained about 150,000 positions in August compared to 96,000 for men.

Casino and hotel operator MGM Resorts, slammed by declines in travel and tourism, said last week that it's eliminating 18,000 jobs. Salesforce is cutting 1,000 jobs, Bed Bath & Beyond 2,800.

Manufacturers, which are enjoying a jump in demand, particularly for cars, added just 29,000 jobs, one-tenth of their job growth in June.

The recent expiration of a $600-a-week federal jobless benefit has deepened the difficulties for America´s unemployed. The Trump administration has set up a program that will provide some of the unemployed with $300 a week. Good number for the US economy.

"Not many days go by where I don't have a couple where one partner or both are not working or furloughed", said Todd Creager, a therapist in Southern California who treats mostly middle- to upper-middle-class adults.



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