According to data that was issued by the Department of Labor on Friday, the United States added 315,000 jobs in the month of August, but the unemployment rate rose slightly to 3.7%.
According to figures provided by the Bureau of Labor Statistics, the number of individuals without jobs increased by 344,000 to reach 6 million, representing an increase of 0.2 percentage points from the previous month's total. A poll of experts that was carried out by the Wall Street Journal in the days leading up to the publication of the data predicted that there would be an increase of 318,000 jobs and that unemployment would remain around 3.5%.
A senior fellow at Brown University and the worldwide chief economist for the Kroll Institute, Megan Greene, was interviewed by CNN prior to the release of the statistics and stated “The labor market isn’t just running hot, it’s like a burning inferno.”
According to CNN, despite the fact that there is a lot of competition for jobs right now, several industries are being forced to let go of workers after they were recruited to manage an increase in pandemic supply. Companies in the technology sector and those that work closely with them were the most severely affected by the recession. As a result, businesses such as Robinhood and Snap Inc. laid off almost 20% of its workforces in August.
The preceding is a summary of an article that originally appeared on WND.