US unemployment rate falls to 8.4% even as hiring loses steam



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US unemployment rate falls to 8.4% even as hiring loses steam

In what could be contemplated as an unprecedented drop in unemployment that many analysts had branded as a “bolt out of the blue,” US unemployment rate fell sharply to 8.4 per cent in August from a reading of 10.2 per cent a month earlier despite a steep lag in hiring.

Besides, in one of the final breakthrough fiscal reports ahead of the election day, Govt. data had unveiled about half of the 22 million Americans who had been laid off during the peak of the pandemic outbreak, had been reinstated into a payroll, though sceptics remained dubious over the pace of job growth over the narratives of a steady spike in the pandemic cases.

In point of fact, latest unemployment data released late on the day came forth a day after the US private payroll data had reported that the US employers had added 1.4 million jobs last months, down from a 1.7 million a month earlier, suggesting a sluggishness in job growth.

Altogether, evidences suggest that further improvement in US unemployment rate would likely to be uneven and sluggish, said analysts followed by the reveal of Friday’s employment report.

Trump exulted over latest employment figure as Biden downplays the report

Meanwhile, although the US Labour Market has been setting into a trend of sluggish and suffocated growth over the coming months, still the US President Donald Trump had wallowed over the employment data saying “That is many, many months ahead of schedule,” playing down the impacts of the world’s largest economy’s worst depression since 1930s.

Nonetheless, the Democratic Presidential candidate Joe Biden had brushed aside the outcomes saying that the pandemic outbreak had still been weighing over the economy adding “Donald Trump may be the only president in modern history to leave office with fewer jobs than when he took office.

” Notably, the US economy has 4.7 million fewer jobs than when Trump was sworn to take the office back in the December of 2016.