374,000 jobs added in August, below expected number
374,000 jobs were added in August as compared to 330,000 in July. Although the numbers look high, the predicted number of jobs was 638,000 while the number of jobs actually added was 374,000. The service sector is responsible for a large number of jobs added. Data recovered from research conducted by ADP has shown the downfall shift in the labor market as opposed to the job growth seen during the first half of this year.
Research has concluded that the job growth is very much dependent on the pandemic, as the virus subsided there was subsequent job growth but as soon as the Delta variant took hold of the states, there was a dip as shown by the numbers. The pace of growth is not in line with the predicted level.
Source: U.S.News
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