New Jobs Report Paints Dismal Picture

Last month, the United States added 1.8 million jobs, a major decrease from June when the country added 4.8 million jobs. This is far from promising as the economy is down 12.9 million jobs since the start of the COVID-19 pandemic. According to a new report from the Bureau of Labor Statistics, the unemployment rate fell to 10.2 percent, still hirer than the 10 percent high of the Great Recession. The unemployment numbers might not fully reflect the number of people out of work. Because of the circumstances of the pandemic, many workers struggle to discern whether they have been temporarily laid off or are still employed but not working. Had you included these working in the unemployment rate, it would be about one percent higher according to the Bureau of Labor Statistics. The reopening of the economy coupled with a resurgence of infections, not to mention federal aid expiring for individuals and businesses, has created unique economic circumstances.