More people in the Quinte region are getting back to work

Share

The economy added almost 1.4 million jobs in August, and the unemployment rate sank to 8.4% from 10.2% in July.

Congress has gotten nowhere in negotiations for another COVID-19 economic stimulus package, something President Donald Trump has repeatedly said he wanted.

The number of job seekers has also continued to rise over the past six months.

Expectations are for a gain again in August, but at a slower pace than previous months.

Some of those furloughs, however, are becoming permanent. The deceleration isn't a surprise given the hiring surge in May (2.7 million jobs) and June (4.8 million). That's a robust gain. We also have a momentous General Election to contend with in November, which may provide repercussions for the broader stock market.

The outbreak is blamed for about 187,000 deaths and nearly 6.2 million confirmed infections in the US, by far the highest totals in the world. It remains down 6,300 compared to August 2019.

One note of caution: the expiration of the CARES Act in late July still had relief checks mailed out to out-of-work Americans during the month of August.

But lots of jobs aren't coming back. "So, you know, you could argue in some sense that all of the gains where those people going back to work at jobs that were already there", Dan North, chief economist for North America at Euler Hermes, told Business Insider.

The data, which is current through August 29, revealed 5,125 advance claims for unemployment benefits. Hispanics are disproportionately likely to work in the kinds of services jobs - at restaurants or construction sites, for example - that have been returning as businesses reopen. White unemployment fell to 7.3% from 9.2%.

Reynolds announces 10 additional counties to receive FEMA individual assistance
The GDOL recently received approval for an additional two weeks of LWA benefits for eligible claimants. Eligibility requirements differ from the FPUC (Federal Pandemic Unemployment Compensation) program.

An increase in government employment largely reflected the temporary hiring for the 2020 Census. Only Toronto is in between the two Alberta cities with a rate of 13.9 per cent. It was the sharpest such monthly gain since May 2010.

Nonfarm payrolls increased by 1.371 million jobs last month after advancing 1.734 million in July.

With those gains, the Canadian economy has now recovered nearly two-thirds of the jobs lost since March when a lockdown was ordered to slow the spread of the outbreak.

The employment rate climbed only slightly, from 60.3 per cent to 60.5 per cent. "They're continuing to build up their accounting infrastructure and add qualified people".

In August, the share of Americans working or looking for jobs - which together make up the labor force - rose from 61.4% to 61.7%.

"Underneath that top line number, there are some signs that there's more enduring forms of joblessness that are arising", Nick Bunker, an economist at Indeed, told Business Insider.

In August, the household survey was a blockbuster: Compared with July, 3.8 million more people had jobs.

In April, at the height of the COVID-19 economic shutdown, 3.4 million Canadians who worked their usual hours had adjusted to public health restrictions by beginning to work from home.

Share