The U.S. market is gaining back momentum after suffering a major setback due to COVID-19 as well as, the spike caused by the Delta variant, in September. The fourth quarter has been experiencing greater economic activity and has fuelled the need for employment.
Even though the Unemployment benefit scheme run by the government has now ended, and schools are also largely operating on offline mode, a shortage of workers is being witnessed in the country, as per the Labor Department.
This, however, is likely to be only a short-term transitory expedition, because a boost in consumer-market interaction can easily be witnessed, the service and hospitality industry is trying to get back on its feet. The Delta variant had contracted the economy severely, resulting in one of the slowest paced quarters, post the pandemic.
The normal patterns of employment generations have been affected, especially in the education sector, and might take a few more months to regularize.
Payrolls in the on-agriculture sector increased significantly last month, over September’s growth.
Sung Won Sohn, a professor of finance and economics, in a University in L. A said, “September was a bad dream, but since then vaccines have beaten back the Delta virus and the economy is marching forward and upward,” she also speculates based on current trends that “We could have seen employment gains probably approaching 800,000, the primary constraint is labor shortages.”
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The unemployment rate fell by 0.1% to 4.7% in September. Even though hiring opportunities are cropping up in companies, unemployment seems to be prevalent due to a disconnect set in by the pandemic.
Federal Reserve Chair Jerome Powell told reporters that “these impediments to labor supply should diminish with further progress on containing the virus, supporting gains in employment and economic activity.”
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