August Job report: Biden blames unvaccinated population, black unemployment higher
The August job report was released on Friday by the Labor Department. The report did not have the expected outcome. The number of jobs added was 235,000 as opposed to the expected 720,000. The unemployment rate dropped to 5.2% from 5.4%. Senior economist Daniel Zhao said that this fall which occurred exactly as the delta variant thickens goes to show that the virus is still in the "driving seat" of the entire situation. The hospitality and service sector which was expected to offer the highest number of jobs witnessed the biggest pullback.
The report highlighted another important aspect in the job market, although there was an overall decline in employment opportunities, the report stated that black workers were finding it even more difficult to find employment compared to people belonging to other races. The overall unemployment rate dropped to 5.2% from 5.4% but the unemployment rate among black workers rose to 8.8% from 8.2% in July. This is the result even though the labor force participation of black workers increased to 61.6% which is the same as the whites. Basically, this means that despite a huge number of black workers working or looking for jobs, many of them are unable to secure one.
Commenting on the Job Report, President Biden blamed the Delta variant of the COVID-19 virus for this drop. He also called out Americans who refuse to get vaccinated even as the extremely contagious Delta variant extends its tentacle throughout America. Despite the Government's repeated efforts thousands of Americans still
haven't received their first shot.
Source: CNBC
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