The U.S. Department of Labor reported that the number of non-farm employment in the United States increased by 1.371 million in August, and the unemployment rate fell to 8.4%, the lowest level since the outbreak in March. From the perspective of industry, the service industry and retail industry led the rise again, with the number of employment increasing by 248,900. But on the other hand, the number of permanent unemployed people in August increased slightly by 534,000 compared with the previous month. Making temporary unemployed people return to the employment market in a timely manner may also remain one of the key factors for further improvement in the future.
On Friday, local time, the Department of Labor released a report showing that the number of non-farm employment in the United States increased by 1.371 million in August, better than the Dow Jones' previous estimate of 1.32 million, but lower than the 1.763 million last month. The U.S. unemployment rate fell to 8.4% in August from 10.2% last month, the lowest level since the outbreak in March.
Figure | U.S. Bureau of Economic Research
In terms of industry, the service industry and retail industry have led the rise again, with the number of employment increasing by 248,900. Leisure and hospitals, adding 174,000 jobs. The education and medical services industry added 14.7 jobs. Government jobs increased by 344,000 month-on-month. Average hourly revenue in August increased by 0.4% month-on-month and 4.7% year-on-year. The labor force participation rate was 61.7%, compared with 61.4% in July.
According to foreign media reports, Andrew, a senior American economist at Capital Economics? "The reason for the growth may be that the increased unemployment benefits expired earlier this month, allowing some applicants to continue looking for jobs, but judging from the employment data, the expiration of these benefits did not have much impact on demand." "The August data showed that despite the surge in virus cases earlier and the weakening of financial support recently, the recovery continues." David Madden of
CMC Markets said, "A strong jobs report will increase the argument that the economic recovery continues. Broadly speaking, the latest manufacturing and service updates are positive. But on the other hand, the disappointing latest news may put pressure on the Republicans to reach a compromise with the Democrats on the stimulus package."
But on the other hand, the Ministry of Labor reported that the number of permanent unemployment in August increased by 534,000 from the previous month. Since February this year, the number of permanent unemployment has increased by 2.1 million. Previously, Federal Reserve Chairman Powell repeatedly warned that long-term unemployment will have a huge impact on the workforce's ability to work. Therefore, this is still one of the key factors for further improvement of the US job market in the future.
This article is derived from RMB trading and research
