The numbers: The economy created a disappointingly small 235,000 new jobs in August amid another major coronavirus outbreak, raising questions about whether the Federal Reserve will delay plans to start weaning the U.S. off its easy-money strategy.
The unemployment rate, meanwhile, dropped again to 5.2% from 5.4% and touched a new pandemic low. Yet the official rate underestimates true unemployment by a few percentage points, economists estimate. The biggest problem for most companies is finding enough workers, even with unemployment still relatively high. They’ve got lots of demand for their goods and services but can’t keep up because of a surprisingly tight labor market.The hope is that more people will reenter the labor force in the fall as schools reopen and extra unemployment benefits put in place during the pandemic go away. They are set to expire Sept. 6.
Source: Financial Digest (financialdigest.net)
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