https://sputniknews.com/20220805/us-jobs-report-shows-unemployment-recovered-to-50-year-low-reached-before-pandemic-crash-1098285803.html
US jobs report shows unemployment hit 50-year low before pandemic crash
US jobs report shows unemployment hit 50-year low before pandemic crash
The new jobs report from the U.S. Bureau of Labor Statistics (BLS) found that unemployment continued to fall, even as the U.S. entered a… 05.08.2022, Sputnik International
2022-08-05T19:22+0000
2022-08-05T19:22+0000
2022-08-05T19:22+0000
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In July, the United States added 528,000 jobs, beating expectations, and the number of unemployed in the labor force fell to 5.7 million, or 3.5%. “These measures returned to their levels in February 2020, prior to the coronavirus (COVID-19) pandemic,” the BLS report said. time employed due to reduced hours, although the report noted that the total number, 3.9 million, was still below February 2020 levels. BLS at the top of the report, this statistic is derived by excluding many unemployed workers from what it considers the “workforce.” However, the BLS report also includes data on them, noting that the number of people who are not currently in the “labor force” but still want a job is 5.9 million, or about 900,000 of higher than February 2020 and unchanged from June 2022. The jobs report is all the more notable as the Commerce Department’s Bureau of Economic Analysis reported last week that gross domestic product fell by 0.9% in the second quarter of 2022, after a 1.6% drop in the first quarter, which means that the United States has technically entered a recession. There are also powerful political forces desirous of both developments: a leaked internal memo from Bank of America executives from June revealed that the bank views recession and unemployment as desirable developments in the economy, in a context decline in profits. By the time the first quarter of 2020 was over, the US economy had lost a fifth of its value and 22 million people were unemployed. However, unlike China’s economy, which rebounded with a vengeance that summer thanks to a full social lockdown that eliminated transmission of the virus, the US economy only slowly began to recover amid continuing waves. epidemics and lockdowns that persisted into the following year. After mass vaccination in the first half of 2021, the US government effectively ended the lockdown system, opting for mask mandates and an ongoing vaccination campaign, which also slowly ended.
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The new jobs report from the US Bureau of Labor Statistics (BLS) found that unemployment has continued to fall, even as the US has entered a technical recession.
The report also noted that the number of long-term unemployed, those out of work for 27 weeks or more, had also reached the February 2020 low of 1.1 million, noting that they made up 18.9% of the unemployed.
However, there were signs of potential trouble ahead: The BLS noted that an additional 303,000 people were employed part-time due to reduced hours, though the report noted that the total number, 3.9 million, was still below February 2020 levels.
While corporate media typically focuses on the official BLS unemployment figure at the top of the report, this statistic is derived by excluding many unemployed workers from what it considers the “workforce.” However, the BLS report also includes data on them, noting that the number of people who are not currently in the “labor force” but still want a job is 5.9 million, or about 900,000 of more than in February 2020 and unchanged from June 2022. .
“It’s a solid report,” said US Labor Secretary Marty Walsh told the Washington Post. “If we go back to the day before Biden took office, 10 million people were out of work. All of those jobs have been recovered. Some sectors more than that. The buzzword we have right now is ‘ recession”, but we must keep in brief that what we are experiencing economically is very different from what we have experienced in the past.
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