Data released by the Labor Department this Friday stated that the US added 194,000 jobs, which are much lower employment opportunities than expected. This is another worst decline that the Labor market has seen since January this year. Economic experts are worried that due to the upsurge of the pandemic the US would continue to witness limited economic recovery and many Americans would remain unemployed.
The data shared by Businesshala says that the job growth in September was lower than the expectations of the economists which was even less than 500,000.
Despite that, the unemployment rate dropped to 7.7 million from 8.4 million recorded in August 2021. The Government added that even though numerous attempts were made to fill the economic gaps due to the unemployment that exceeded 4 million in February 2020, they managed to add these this time.
Additionally, the unemployment rate which was 5.2% recorded in August has now dropped to 4.8% which is surprisingly the lowest point since the US was exposed to the pandemic. But that’s not something economists can boast about as this still falls behind the rate before the pandemic which was 3.5%.
The notable employment opportunities are opened at leisure, retail, hospitality, and transportation. While a decline in employment in public education still continues.
All in all, the economy of the U.S has added a total of 17 million jobs, but 22 million jobs were lost due to the pandemic situation that forced companies to shut their businesses in March and April of 2020.
The amazing facts rolled over the internet also show that the unemployment rate reached 14.7% which is the height of uncertainties the US confronted from the pandemic in April 2020.
“The headline jobs number was certainly disappointing—below expectations, and even below the already weak number from last month,”- written by Brad McMillan in a morning note.
He further added about the raising concerns of provision of employment opportunities which is necessary for the increase in the GDP situation of the country.