The Department of Labor declared on Friday that after the induction of 235,000 new jobs in the market, the unemployment rate reduced to 5.2%. This authentic data, coming straight from the ministry suggests that the recovery pace has slowed down due to the new emerging variants of coronavirus.
The Department of Labor confessed that initially 720,000 new jobs were supposed to be introduced in the market but because of the new restrictions due to the delta variant, the introduced jobs are far lower than what was anticipated.
The latest number of jobs is way less than the data from June and July where almost 1 million new jobs were introduced.
Overall, the job growth graph has surged as compared to last year. On average, 586,000 jobs are being floated in the market monthly. The employment has surged to almost 17 million compared to April last year when the economy hit its all-time low due to the coronavirus pandemic.
The unemployment rate hits an all-time low at 3.5% due to economic conditions followed by the resurgence of covid-19.
The Department of Labor stated that both in the business and professional sector, notable jobs were inducted along with the other sectors such as warehousing, transportation, private education, and manufacturing industries.
The most adversely hit sector by the coronavirus pandemic is the retail trade and the food and beverage sector where the resurgence of new variants of the virus has once again started to cripple the industry.
The food and beverage industry lost as many as 23000 jobs whereas the retail trade sector observed a decline of almost 29000 jobs in the month of August.
The latest data shared by the Department of Labor showcases the varied impact of coronavirus on different sectors. The down track economy is struggling very hard to stand back on its feet. Even in these trying times, the Americans are facing racism and other problems accentuated with employment.
For August, the unemployment rate for white Americans was 4.5% whereas the same month’s unemployment score for black people was 8.8%. Asians stood at 4.6% whereas Hispanic workers were struggling at 6.4%.
The number of long-term unemployed individuals has also started to grow as the harrowing shadows of coronavirus continue to cripple the economy of the United States of America. As many as 3.2 million people remained long-term unemployed, this makes a total of 37.4% as stated in the data provided by the Department of Labor.