Analysts anticipated that the U.S. would pick up 300,000 jobs in August. And the Bureau of Labor Statistics’ new monthly report shows America’s burgeoning economy added 315,000 jobs. President Joe Biden has managed to turn around the economy with an astonishing 20-month “consecutive job growth” rate.
Strong job growth meant America has recovered all the jobs it lost due to the pandemic. In addition, it was also an indicator that the jobs market will soon conquer inflation given the continuing market trend, according to The Washington Post.
Unemployment was up slightly moving to 3.7 percent in August according to the August Bureau of Labor Statistics report. Perhaps that was due to professional and business services taking the largest portion of the new jobs, 68,000:
‘The biggest gains were in professional and business services, which added 68,000 jobs in August, shooting past its pre-pandemic numbers. The industry saw the strongest gains in computer systems design, management and technical consulting, and architectural and engineering services, while legal services lost 9,000 jobs.’
With jobs available, the jobs market tight, and “inflation at 40-year-high,” conditions are perfect to foster a resurgence of the unions:
‘The National Labor Relations Board has reported a 56 percent uptick in petitions for union elections in the first nine months of fiscal year 2022 compared with the prior year.’
Lead Economist at Glassdoor Daniel Zhao commented that the “job market has been very hot:
‘Broadly speaking, the economy is slowing even though the job market has been very hot. But the overall economy and job market can’t be out of sync for too long. I think the labor market still has gas left in the tank and clearly more than we expected a few months ago, but eventually it will have to fall back to earth.’
Economics Adviser at Cornell University Erica Groshen said that the economic shoe “hasn’t yet (dropped).” She was the former Commissioner of the Bureau of Labor Statistics from 2013 to 2017:
‘When we stop seeing growth in those industries, that’s when you think the first shoe is beginning to drop. It hasn’t yet.’
Amazon contractor in Orlando, Florida Craig Woodling, 39, quit his job as many of his fellow workers have done. He said that he was delivering 400 packages per day almost twice the number while the COVID pandemic was afire:
‘It was mostly heat and the expectations of how much Amazon wanted us to deliver,”I’m about 40, at this point, so it=’s wearing my body out.’
Woodling made $18 an hour, at Amazon but believed that he would soon get another job. Plus, “his wife has a stable income”. Now the feels that he will be able to get a job in radio or better yet information technology:
‘I thought it would be much easier to get a job once I quit, but that hasn’t been the case. Part of me want to looks (sic) for delivery jobs that I did before, but my wife keeps reminding me that you don’t want to get in that field again.’
NPR also reported on the economy saying that President Biden has “a strong labor market as the U.S. heads into Labor Day.” And hopefully, the jobs market will continue to expand.
Featured image is a screenshot via YouTube.
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