USA Job Creation FALLS Further with 1.4 Million In August
New job creation in the USA has fallen further as the economy added just 1.4 million jobs in August, depicting slower job recovery from the pandemic.
But the new job creation over the month was well in consistent with the predictions made by economists who were polled by Refinitiv, a NY based global financial market data provider.
However, the new job figure is still down from the previous two months.
In July, 1.7 million new employments were generated in the USA. That figure was further higher in earlier month which was 4.8 million.
So the last two new job figures clearly show that the country’s job recovery amid the pandemic is consistently very poor.
Besides, the country is still down 11.5 million jobs since February, mainly being lost to the covid-19 pandemic.
With the new job figure of 1.4 million in August, the unemployment rate in the USA is now 8.4 percent which for the first time is below 10% since March.
On the other hand, job recovery could be hit hard further as a latest model from the University of Washington’s Institute for Health Metrics and Evaluation predicted that the death toll from the covid-19 could go beyond 4,10,000 by January 1.
That figure could reach up to 620,000 or higher if all restrictions are eased, warns the model.
According to Johns Hopkins University, there are now at least 6,200,518 cases of the virus and at least 187,755 deaths in the USA as of September 4 local time.