WASHINGTON (AP) – Rejecting fears of another recession, U.S. businesses hired at a solid pace in October, but they are signaling caution about the future of the economy as the epidemic worsens.
The Labor Department said Friday Employers added 8,638,000 jobs and the overall unemployment rate plummeted to 6.9%, a faster recovery than many economists had expected in the spring.
But the pace of rents is not as strong as the rapid pace of millions of Americans being laid off by the epidemic.
Job growth changed slightly from September’s 672,000 and less than half of August’s 1.5 million. Still, the increase was stronger than it appeared: it was held by about 150,000 temporary census jobs. Excluding governments at all levels, private businesses added 906,000 healthy jobs. Hiring has been kept at that level for three months.
Overall, the latest Jobs report indicates that so far temporary recovery is intact, and the economy has continued to adapt to the epidemic.
The job search website, indeed, said economist Nick Bunker, “was pleasantly surprised to see that the pace of retrieval has not slowed down.” “But we all need to be mindful of the huge hole we are in in terms of jobs and unemployment.”
Rents soared in retail, including online retail, where many Americans went viral. Both warehousing and courier services are added every month in the months following the epidemic, including the last month.
But in a sign of uncertainty that clouded the growing economy, companies have also added more than 100,000 temporary workers. It indicates that they are seeing more demand from customers but are not sure how long it will last and will hesitate to fur permanent job offers. As the length of the average work week also increased, there was evidence that employers were forcing their current staff to work harder instead of hiring new workers.
Federal Reserve Chair Jerome Powell and Wall Street economists urge Congress To allow more government assistance to support families and businesses, particularly the threat of recent rental gains in restaurants and bars from epidemic rage and cold weather, is able to serve outside customers.
But the prospects for more excitement have been dashed by the election, which looks promising Former Vice President B Biden is likely to win for the Democrats, while likely defending the Republican majority in the Senate. This could mean that any additional assistance will be deferred until at least next year.
The job market and the overall economy are under intense pressure from an accelerated epidemic. On Thursday, the nation broke another record by hitting nearly 90,000 in a seven-day rolling average of new cases. Daily new cases also peaked again at 100,000, with a number reported across the country, including about 25,000 combined in Texas, Illinois and Florida.
The country had 10.1 million fewer jobs before the sharp rise in the viral outbreak in March. At the current pace of recruitment, it will take until February 2022 to get all those jobs. However, it will be faster than the big recession of 2008-2009, when it took more than five years to recover lost jobs.
The gradual recovery of the job market has unequally affected Americans and increased inequality. Low-wage workers in industries such as rest restaurants, rentals, hotels and health care have seen their jobs and incomes improve more slowly than most white-collar workers working from home. Many of them have also benefited from the rise in home equity and the Federal Reserve’s ultra-low rate policies, which have benefited the stock market.
Women are more likely to leave employees More schools than the men since the epidemic began, especially since the school began, are operating only operating online. Which has forced some working mothers to quit their jobs.
And the unemployment rate for black workers, at 10.8%, fell sharply in October but was much higher than for whites, falling to 6%. Hispanic unemployment fell to 8.8% from 10.3%.
Some companies have benefited from the way the American people work and live to improve the epidemic. With one-fifth working from home, the government report shows an increase in spending on services such as cleaning, painting and remodeling.
It has kept premium service brands busy. In Charlottesville, Virginia, the company owns seven home service industries, including Maid Wright, 360 Painting and Handyman Pro.
“As long as the job is taken, we’re in full swing,” said Paul Flick, founder and CEO. “People invest more money where they spend their time.”
Flick said about 25% have been hired since the outbreak struck his company’s franchise. Some of their new tenants were working as cleaners in hotels or losing jobs in other service businesses.
Yet other companies are still struggling. JMBrenon Inc., a third-generation mechanical engineering company in Milwaukee, has laid off some employees since March. The company installs and fixes plumbing, heating and air conditioning systems, but demand has fallen due to office fee buildings and schools being empty.
And as the epidemic worsens, few businesses are considering expanding.
“Anyone need a new office fee tower?” Asked Brennan. “Does anyone need a new hospital?” His pay firm completed work on the new 25-story BMO Bank Tower in downtown Milwaukee in June, estimating it may have 35 people. Workers are unlikely to return if the epidemic continues, he said.
“We’re not shutting down the economy, but the fact that COVID is still there leaves a lot of uncertainty,” he said. “You don’t need to expand if no one is in your house.”
The economy has been booming since the virus-related shutdown resumed in the July-September quarter, and is now slowly expanding.. Many businesses may struggle as the weather cools. Consumers may withdraw to re-purchase, travel and other activities to avoid contracting the virus.
Nevertheless, some parts of the economy are recovering rapidly. Manufacturing output is still reversing, with Americans increasing their purchases of cars, homes and housing-related items such as appliances and furniture. Home sales have also risen as the Fed has pushed mortgage rates to almost record lows.
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