The U.S: Jobless Rate to Decline to 9.8% from 10.2%

The US: Jobless Rate to Decline to 9.8% from 10.2% Labor Department reported U.S. nonfarm payrolls increased by 1.37 million and the unemployment rate dropped to 8.4%. Pence called the data “real evidence that the American comeback is underway.” The jobless rate remains significantly higher than it was before the Covid-19 outbreak hit the U.S. earlier this year. Permanent job losses in August also increased by 534,000 to 3.4 million. “8.4% unemployment is nothing to brag about,” Senate Minority Leader Chuck Schumer, D-N.Y., wrote in response to President Donald Trump’s Friday morning tweet celebrating the jobs report. Despite four straight months of strong employment growth, the expiration of enhanced unemployment insurance and a federal moratorium on evictions has led to concerns of sharper suffering for many Americans. Even so, after Friday’s jobs report, White House economic advisor Larry Kudlow told Bloomberg that “we can live with” not striking a coronavirus relief deal, according to Reuters. In the absence of congressional action to address those and other coronavirus relief measures, the Trump administration has taken limited steps to offer aid on its own. On Tuesday, the White House moved to halt evictions until the end of the year using Centers for Disease Control and Prevention authority. It followed the administration’s executive actions to temporarily extend extra jobless benefits for some Americans, continue student loan assistance and forgive the employee portion of the payroll tax. Senate Republicans aim to take up a narrow pandemic aid plan when they return from their August recess next week. Democrats oppose the roughly $500 billion proposal, meaning it likely will not get through Congress and become law.   You might also be intersted in:

US Dollar Index struggles for direction around 92.80 ahead of NFP