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US Unemployment Rate Falls More Markedly Than Expected

by Financial Economy

US unemployment rate falls more markedly than expected. The US labor market is recovering faster than expected two months before the presidential election: the unemployment rate has fallen by almost two percentage points within a month.

US Unemployment Rate Falls More Markedly Than Expected

This development could give Donald Trump some tailwind for the US presidential elections at the beginning of November: The situation on the labor market in the USA has improved much more than expected despite the ongoing corona pandemic. The unemployment rate fell in August from 10.2 percent in the previous month to 8.4 percent, as the US Department of Labor announced.

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Analysts, however, had only expected a decline to around ten percentage points. To put it into perspective: Before the outbreak of the pandemic, the unemployment rate in the world’s largest economy was 3.5 percent.

According to the agency, 1.4 million new jobs were created in the United States in August, down from 1.8 million in July.

Wages And Salaries Are Also Increasing

Despite the emerging economic recovery, the situation on the labor market remains tense. A good 29 million people in the United States currently receive some form of unemployment benefit, according to the Department of Labor.

In the week up to and including August 29, almost 900,000 people applied for unemployment benefits. The applications reflect the short-term development of the labor market. Before the pandemic came to a head in March, the number of new applications rarely exceeded 100,000.

Source: https://www.spiegel.de/

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