U.S. employment growth slows in September; unemployment rate drops to 7.9%

U.S. employment growth slows in September; unemployment rate drops to 7.9%”

Private sector employers added 877,000 jobs in September, though cuts by government and other public sector employers meant that the economy as a whole added just 661,000 workers during the month, according to Labor Department data. That compared with the median estimate of economists for a gain of 859,000. The unemployment rate among Latinos was 10.3 percent, down from 10.5 percent the previous month, while the rate for African Americans was 12.1 percent, down from 13 percent in August.

September's jobs report is particularly important because it's the last monthly jobs report prior to the November 3 presidential election.

The differential impact of the recession is also seen in the loss of part-time jobs. Economists had predicted a gain of 870,000 jobs last month.

In the news release, the bureau said that the numbers reflect a "continued resumption of economic activity that had been curtailed due to the coronavirus pandemic and efforts to contain it".

This is the first US recession in which service-sector jobs have been hardest hit, instead of goods-producing industries like manufacturing, and women make up a greater share of the workforce in service industries like retail and health. New York's insured unemployment rate at 13.7% and the USA territory of Puerto Rico at 12.8% rounded out the worst on the list. "However, it is unlikely to comfort the central bank, given that Americans continue to leave the labor force at an alarming pace".

This week, moreover, brought a new wave of layoff announcements reflecting the continuing slump in travel and tourism: Disney is cutting 28,000 jobs, Allstate will shed 3,800, and US airlines said as many as 40,000 employees are losing their jobs this month as federal aid to the industry expires. On an unadjusted basis, that figure actually rose, though by much less than typical for the start of the school year. The airlines had been barred from cutting jobs as long as they were receiving the government assistance.

The jobless rate fell to 7.9%, dropping for a fifth month, but the minority workers hit hardest saw little change. The category, which includes those actively searching for work for 27 weeks or more, underscores the lasting economic scars many Americans will have after months of joblessness.

More news: Joe Biden Releases Latest Tax Returns Ahead Of Debate With Trump

The number of people on temporary layoff fell by 1.5 million last month to 4.6 million - dramatically lower than 18.1 million recorded in April when tens of millions of Americans were thrown out of work during lockdowns.

The labor force participation rate declined 0.3 percentage points to 61.4 percent, erasing gains made in August.

In its report on jobless claims Thursday, the Labor Department said the number of people who are continuing to receive benefits fell to 11.8 million, extending a steady decline since spring.

Overall, the signs point to an economy losing steam just as the country heads to an election pitting Trump against former Vice President Joe Biden, in a contest that's now likely to be upended by the president's positive test for COVID-19. According to a Reuters survey of economists, non-farm payrolls likely increased by 850,000 jobs in September after rising 1.371 million in August.

Private payrolls rose by 877,000, which was in line with forecasts but still marked a slowdown from the prior month. Leisure and hospitality, which has suffered some of the biggest job losses, was the largest gainer among major sectors, adding 318,000 jobs - though total payrolls remain nearly 4 million below pre-pandemic levels.

Industries including oil, entertainment and financial services are all home to major companies announcing job cuts in recent days, which will take some time to show up in official data.

Walt Disney Co. said this week it would lay off roughly 28,000 employees in its theme parks division.

Like this



03 October 2020
COVID-19 nasal swab test punctures womans brain lining causing fluid leak
The woman was also suffering from an undiagnosed rare condition which may have resulted in the condition. Soon after the test, she experienced mucus discharge from one side of her nose, headache and vomiting.

02 October 2020
Hoboken cancels Halloween parade, prohibits block parties, trick-or-treating still allowed
Do not wear a costume mask over a protective cloth mask because it can be unsafe if the costume mask makes it hard to breathe. October 31, but Mayor Frank Jackson's office is encouraging residents not to participate to avoid spreading the coronavirus.

02 October 2020
Venezuela receives shipment of Russian Sputnik-V coronavirus vaccine By Reuters
The Venezuelan health ministry said that about 2,000 of its nationals will take part in trials of the Russia-developed drug. Late stage trials began last month, with the first volunteer of a 40,000-strong cohort vaccinated on September 9.

02 October 2020
Open-World Action RPG ‘Genshin Impact’ Now Available Worldwide
When you see how the land is arranged, enemies look, and how you engage them, it's kind of easy to make that comparison. In fact, as the South China Morning Post reports, Genshin Impact had the biggest global launch of a Chinese game ever.

02 October 2020
Outline her curves, Kylie Jenner wore a stunning dress
With the official Election Day just a month away, her latest Instagram thirst trap was retrofitted with a clever call to action. Like her famous mom, a young girl loves luxury handbags and has been presented with many designer wallets in her short life.

02 October 2020
Netanyahu urges Beirut neighborhood to 'act now' over alleged Hezbollah arms depot
Meir Cohen, from the main opposition party Yesh Atid-Telem, condemned the new curbs on demonstrations as a "slippery slope". Yair Golan, of the leftwing Meretz party, warned that the new law "won't stop the demonstrations".

02 October 2020
Apple, Epic Games want to fight antitrust case without jury
The PSN, Nintendo Shop, Xbox Marketplace - these things have existed for years without issues. We have heard that there will be a decision in the coming days, so we'll keep you posted.

02 October 2020
Dow Futures Fall 400 Points, 1.5%, on Trump Coronavirus News
Instead, there were only hopes that were periodically raised and dashed as government officials took turns criticizing each other. USA benchmark crude lost $1.15 to $37.57 per barrel in electronic trading on the New York Mercantile Exchange.

02 October 2020
USA adds 661000 jobs in September and unemployment rate falls to 7.9%
The loss of tasks in the low-wage services markets like dining establishments and bars has actually misshaped wage development. By comparison with September, employers added almost 1.5 million jobs in August, 1.8 million in July and 4.8 million in June.

02 October 2020
Honda announces exit from F1 after 2021 season
Honda's decision puts Red Bull in a hard position when it comes to engine supply. It's also unclear who could supply Red Bull's engines from 2022.