US Releases Latest Unemployment Report Before Elections: More Jobs Created But The Pace Is Slow

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In September, 661 thousand jobs were created, less than expected, and the unemployment rate fell 7.9%.

The United States released this Friday the latest report on unemployment before the presidential elections of November 3. The Department of Labor reported that 661,000 jobs were created in September, less than expected, and the unemployment rate fell 7.9%.

“In September there were notable increases in employment in leisure and hospitality (activities), in retail, in health care and social assistance, and in professional and business services,” detailed the Department of Labor.

The jobs generated last month were less than half of the 1.5 million created in August, indicating a slowdown of the pace of job recovery, after the company closures decreed in March by the covid-19 caused an avalanche of layoffs.

The drop in the unemployment rate from 8.3% in August was greater than expected, but it also suggests difficulties of Americans to find work.

The labor force participation rate fell 0.3%, erasing August gains, and was 2.0 percentage points below its February level, before the pandemic.

The Labor Department also recognized the impact of a misclassification, which means that the unemployment rate could be underestimated by as much as 0.4%.

AFP

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