While some people feel that the coronavirus pandemic is coming to an end and the worst is behind us, there are many signs that the pandemic is surging still. Ultimately, this is causing serious havoc for businesses and people all over the world. Things related to coronavirus are better, there is no doubt about that, but there is still a way to go.
The latest job numbers from the American Labor Department prove that the coronavirus pandemic is still affecting unemployment rate. The impact of the virus as well as a nationwide worker shortage is keeping the jobs market in unsteady shape. People are very unsure of what comes ahead. Many agree that we are definitely not out of the woods yet.
Employers in the United States added just 194,000 jobs in September, a second consecutive sluggish increase and evidence that the epidemic is still wreaking havoc on the economy, with many businesses failing to fill millions of available positions.
According to the data released, the unemployment rate fell from 5.2 percent to 4.8 percent in September of 2021. The unemployment rate declined partly because more individuals found work. However, it also dropped. This is because approximately 180,000 people did not seek work in September, so they were not listed as jobless. In many ways, they were throwing in the towel and giving up their hunt for a job.
The economy’s slow job growth in September fell short of even the meager 336,000 jobs gained in August, and were the fewest since December, when companies actually lost employment.
The labor market is becoming even more complicated thanks to a resurgence of the coronavirus, the Delta variant.
There was a time when it looked as if the virus was subsiding in America. Then the emergence of the Delta variant complicated everything. The number of cases surged to heights not seen since last year. And that changed how people worked. Thankfully, it seems as if the United States is once again turning a corner on the virus and things are getting better.
With verified new COVID-19 infections dropping, restaurant traffic ticking up marginally, and customers eager to spend, the economy is showing signs of escaping from the drag of the delta strain of the coronavirus.
But when September began, the number of new illnesses remained high. This caused decreased hours at many jobs and a fear from customers and employees to visit businesses.
Additionally, employers are still having difficulty finding workers since many people who lost their employment due to the epidemic have yet to seek work or have decided to move on and find a new career. Many economists have been perplexed by the longevity of that pattern, which has resulted in a record number of job opportunities. The demand for labor is high, so are the number of people looking for new jobs.
Combined, the Delta variant and lacking unemployment numbers are limiting the amount of job growth possible. While many predicted that this current time would find a booming economy, it seems as if the return to normalcy and prosperity has been put on hold for a bit longer.