U.S. Economy Creates 315,000 Jobs in August
The August Jobs Report released last week found the U.S. economy created 315,000 jobs last month. While the number of jobs created increased, the unemployment rate also increased to 3.7 percent. Add it all up and there is still much concern regarding labor challenges, including in agriculture.
Jared Bernstein, a member of the White House Council of Economic Advisors…
“We have 11 million vacancies right now. That's way more than we have unemployed people, and the tick up last month in unemployment came from a very welcomed source, actually, the labor force increased. Now look, we never lean too far into one month, you want to see a real trend there, and the labor force has been growing. What we saw last month was hundreds of 1,000s of people moving from out of the job market to into the job market.”
And who is coming from out of the job market back into it? Bernstein says that working-age women are back at work at rates not seen since before the pandemic.
“Retail trade is another really interesting sector. I'm not talking about the warehouses and the Amazons of the world, I'm actually talking about brick and mortar. Retail trade continues to deliver job gains.”
Again Jared Bernstein, a member of the White House Council of Economic Advisors.