American unemployment rate drops!
In a last look at the US job market scenario, before the US elections, it was seen that the American unemployment rate fell to 7.9%.
The number of non-agricultural employment in the United States increased by nearly 1.4 million in August, the fourth consecutive month of increase. It was slightly lower than the July result, but slightly better than market estimates.
The unemployment rate also unexpectedly dropped to single digits, falling below 10% for the first time since the outbreak, mainly due to the surge in temporary employment in government departments.
The overall situation shows that the job market continues to improve gradually, which brings hope to economic recovery, but the speed is not fast enough.
The US Department of Labor announced on the 4th that the non-agricultural employment population increased by 1.371 million last month, more than market expectations; the unemployment rate plummeted to 8.4%, much lower than 10.2% in July and also lower than market expectations of 9.8% , But the contribution of government departments is not small.
Economists pointed out that employment has improved for four consecutive months, but the number of people who recovered in August and July has been significantly reduced compared to May and June. The unemployment situation in the United States is experiencing a period of slow down.
Fortunately, despite the rise of the COVID 19 epidemic in July and August and the bipartisan antagonism which hindered the government’s expansion of expenditure plans, employment continued to increase steadily, indicating that the US economy is expected to continue to recover.
Employment in the private sector increased by 1.027 million in August, which was lower than the market estimate of 1.325 million. Employment in various industries has generally increased, including an increase of 249,000 in the retail industry and 78,000 in the storage industry.
The unemployment rate is a measure of the percentage of the total labor force in the United States who are already unemployed, but are still actively looking for employment and willing to work. Please note that the data does not include people who do not intend to find a job, that is, people like Stay At Home Moms.
The U.S. unemployment rate data is updated monthly, and its calculation formula is:
U.S. Unemployment Rate = Number of people over 25 who have not found a job but are looking for a job/Number of people over 25 who have not found a job but are looking for work + Number of people over 25 who are already working.
For now the good news is that American unemployment rate drops to 7.9%!