Last week, the U.S. Bureau of Labor Statistics released The Employment Situation for August 2020. Included in the report was a continued decline in the unemployment rate. At 8.4%, this is the fourth straight month of job additions, and puts us below the unemployment peak of the 2007-2009 recession.
Though the unemployment rate is still declining, we are seeing a bit of a slowdown of additional jobs. 1.4 million jobs were added in August compared to 1.7 million in July, resulting in about 25% fewer jobs created last month, and according to the Wall Street Journal, the economy is operating with about 11.5 million fewer jobs than February. We’re expecting to see a more moderate recovery rate than the earlier summer months suggested.
August saw a boost brought on by 238,000 temporary hires for the US Census, and provides the first glimpse at the state of the economy without government supplemental assistance, including the $600 a week addition to unemployment benefits that ceased at the end of July.
The hiring slowdown gives you the advantage of building your team with foresight. Each new hire stands to make even more of an impact on your business because you’re maximizing efficiency
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