7.7 million Americans remain unemployed, according to data released by the US Department of Labor. Moreover, September’s job additions (194,000) were much lower than the initial figures projected by experts (500,000), marking the second monthly decline since December 2020.
On a more positive note, the number of unemployed Americans fell from 8.4 million in August to 7.7 million in September.
In other words, there was a noticeable decline in the unemployment rate of about 0.4%; 4.8%, in total. In addition to that, the average hourly earnings increased by 19 cents to $30.85.
Furthermore, the US economy managed to add back about 17 million of the 22 million lost jobs lost due to COVID-19.
The leisure and hospitality sector reported the highest monthly growth, accounting for about 21.8% of new jobs in September, followed by professional and business services (17.6%).
On the other hand, the government sector witnessed the biggest losses for the second month in a row. Namely, the local government education lost 144,000 jobs, the state government education lost 17,000, whereas the private education lost 19,000 jobs.
Since the start of the pandemic, about 9.6 million Americans lost their jobs, and the unemployment rate almost doubled among the youngest people in the workforce — Gen Z, which makes 2% of the US workforce.
In short, between February and May of 2020, over 40% of Zoomers lost their jobs.
The delta variant of COVID-19 has stalled job market recovery, so we can only speculate what the numbers will be for October 2021.