Utah People's Post

The Latest News from the Beehive State

Sunday, January 17, 2021
Log in
  • National News
    • Female Caseworker Killed & Doctor Shot in Philadelphia
  • State News
    • Car Chase Leads to Drug Arrest
  • Tech & Science
  • Health
    • How to Prepare For Ticks Season
    • Magical Weight Loss Bean Scam
  • Sports
  • Business
You are here: Home / Business / Job Growth Rebounds As Unemployment Rate Drops to 5.9%

Job Growth Rebounds As Unemployment Rate Drops to 5.9%

Posted by

Untitled

Fears that the labor market had been faltering again have been eased after job growth experienced a strong rebound last month. Additionally, for the first time in the last six years, the unemployment rate fell to under 6%, which provided Democrats the boost they needed before the midterm elections.

Economists say that the August hiring slowdown was just an anomaly which they hadn’t foreseen but warned about several other worrisome signs that the Friday Labor Department report brought to focus. According to report data, wages are stagnant and discouraged jobless Americans are giving up the fight and dropping out of the workforce. And while the trend is positive, economists say, there is still a hard battle to be fought in order to completely recover from the Great Recession.

The report showed that 248,000 net new jobs were added to the economy and that the unemployment rate had dropped 0.2 percentage points to 5.9% (a figure that is the lowest since July 2008). August’s initial estimate of 142,000 net new jobs was lifted to 180,000. September, however, represented the surprise, as the increase was much better than what economists had foreseen (215,000 net new jobs and an unemployment rate of 6.1%).

Sung Won Sohn, professor at Cal State Channel Islands said that the report had offered economists on Wall Street and Main some relief.

“August was an aberration, and we’re back to healthier growth and that’s good,”

the professor said.

The report also showed that the dollar had been soaring against all major currencies and that the industrial average had reached 208,64 points (or 1.24% on Friday).

Economists feared that, after the Recession had pushed the unemployment rate to 10% in October of 2009, it would never fall below 5%. However, after almost 2 years where the rate remained at least 9%, it now seems that we’re approaching the light at the end of the tunnel: the rate has been dropping faster than anticipated (since September 2013, it fell 1.3 percentage points).

“If you’d asked me, I wasn’t sure I’d ever see an unemployment rate with a 5 in front of it during the Obama administration,”

chairman of the White House Council of Economic Advisers, John Furman said.

The job report was also good news for Democrats, as they come before the November 4th midterm elections.

“This progress that we’ve been making, it’s been hard. It goes in fits and starts. It’s not always been perfectly smooth or as fast as we want, but it is real and it is steady and it is happening.”

President Obama Said during a Friday appearance.

Share this:

  • Tweet
  • Share on Tumblr
  • Email

Filed Under: Business Tagged With: hiring, jobless claims, joblessness, unemployed americans, Unemployment, unemployment applications, unemployment rates

Woman working out at the gym

Just 23% of Americans Are Working Out Enough in Their Spare Time

By

Poliovirus Therapy Gives Brain Cancer Patients New Hope (Study)

By

United Airlines airplane

Passenger Mysteriously Dies on United Airlines flight Bound for Boston

By

Breakfast sandwich

Here Are Some Foods No Nutritionist Would Ever Eat

By

Poppy flower

UN Warns of Surge in Opium-based Drugs and Cocaine Supply

By

U.S.-Canada border

French Jogger Detained 2 Weeks for Accidentally Crossing Border

By

Plus size model

Normalizing Plus Size Could Fuel Obesity Crisis (Study)

By

Giant manta ray

Unique Manta Ray Nursery Spotted off Texas Coast

By

The rainbow flag

WHO Scraps Transgenderism from List of Mental Illnesses

By

456 People Dead at U.K. Hospital after Taking too Many Painkillers

By

Kenyan girls dancing

Kenyans Facing Poor Nutrition as Supermarket Shopping Is on the Rise

By

Pages

  • About
  • Contact
  • Privacy Policy GDPR
  • Staff
  • Terms and Conditions

Recent Posts

  • Just 23% of Americans Are Working Out Enough in Their Spare Time
  • Poliovirus Therapy Gives Brain Cancer Patients New Hope (Study)
  • Passenger Mysteriously Dies on United Airlines flight Bound for Boston
  • Here Are Some Foods No Nutritionist Would Ever Eat
  • UN Warns of Surge in Opium-based Drugs and Cocaine Supply
  • French Jogger Detained 2 Weeks for Accidentally Crossing Border
  • Normalizing Plus Size Could Fuel Obesity Crisis (Study)

Related Articles

  • Passenger Mysteriously Dies on United Airlines flight Bound for Boston

  • Fishing boat in the Atlantic Ocean

    U.S. Seafood Dealer Lied About Fish Being Caught in U.S.

  • Tesla car on the road

    Tesla’s Autopilot Software To ‘Nag’ Drivers to Keep Hands on Wheel

  • Mexico Slaps Tariffs on U.S. Steel, Pork, and Bourbon

  • Dairy cows on a pasture

    Kentucky Milk Plant Closes after Losing Contract with Walmart

  • Tesla founder Elon Musk

    Elon Musk Upset About Latest Tesla Crash Being ‘Front Page News’

  • Orange juice bottles on Whole Foods shelves

    Amazon to Roll Out New Prime Perks for Whole Foods Shoppers

  • U.S. Liquor Store

    Alcohol Sales on Sunday No Longer Banned in Indiana

  • Bitcoin coins on 100-dollar bills

    Iran Unveils Its First National Cryptocurrency

  • Transavia Airlines plane taking off

    Man on Plane who Wouldn’t Stop Farting Causes Emergency Landing

Categories

  • Business
  • Entertainment
  • Health
  • National News
  • Nature
  • Provo
  • Salt Lake News
  • Science
  • Sports
  • State News
  • Tech & Science
  • Technology
  • Uncategorized
  • West Jordan
  • West Valley City
  • World

Copyright © 2021 utahpeoplespost.com

About · Privacy Policy · Terms of Use · Site Map · Contact

loading Cancel
Post was not sent - check your email addresses!
Email check failed, please try again
Sorry, your blog cannot share posts by email.
This website uses cookies to ensure you get the best experience on our website. Learn more.