UNITED STATES−On October 2, the U.S. Secretary of Labor, Eugene Scalia released the following statement on the September JOBS report. The report indicates that Americans who lost their jobs during the pandemic are getting back to work.
“Today, report shows, 877,000 private-sector jobs added back in September, and an additional 145,000 jobs from July and August. However, the report reflects a seasonally adjusted loss of 350,000 jobs in public and private education. Large gains were made in lower-wage jobs in retail and leisure and hospitality, and manufacturing added 66,000 jobs, its largest increase since June.”
“More than half the jobs lost from the pandemic have now been restored, and the third quarter ended with a 7.9 percent unemployment rate, half the 15.8 percent third-quarter unemployment rate projected by the Congressional Budget office in May.”
Payroll-Losses By Sector U.S. retail sales increased in August for the third month in a row. Reports indicate U.S. jobless rates have gone down dramatically. According to reports, the layoffs and jobs lost were from seasonal workers, summer help, and from schools that are not yet in session.
According to the reports on October 2, on the White House web page, 52 percent of jobs lost over the pandemic have been recovered. The U.S. gained more than 11.4 million jobs.
This number includes a “combined upward revision in July and August of 145,000 jobs.”
Manufacturing, production, and non-supervisory employee growth rates reportedly grew 1.6 times faster during President Trump’s expansion period which was 2.8 percent. The Obama-Biden administration had 1.7 percent during its expansion period.
The unemployment rate has dropped by 6.8 percentage points in the last 5 months. This is reportedly the largest drop in unemployment following its peak time since the aftermath of the global oil crisis between 1982-1999.
Reports indicate that the Paycheck Protection Program initiated by the Trump administration supported an estimated 4.3 million manufacturing jobs and 238,000 manufacturing establishments.
Since April unemployment rates have fallen for minorities and historically disadvantaged Americans.
The Unemployment rate for individuals lacking a high school diploma fell by 10.6 percentage points.
Hispanic Americans’ Unemployment rate has dropped by 8.6 percentage points.
The Unemployment rate among High School graduates without a college education decreased by 8.3.
Asian Americans’ Unemployment rate fell by 5.6.
The Black American Unemployment rate has fallen by 4.6.
“Although this year has not been easy, the grit of the American worker has not wavered, and we are in the midst of the fastest economic recovery in American History,” said President Trump on October 2, on the White House webpage.