America’s Job Rebound

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Advantus Media Inc & QuoteInspector

A graph showcasing economic growth.

Gianna Iadevaia, Reporter

During the summer, America has entered a period resulting in a massive roadblock concerning the economy and job market. The Delta variant of the coronavirus has heavily weighed in on work related activity, causing many of America’s economic activity to slow down. Leading up from recent months, there has been a small amount of jobs that were added to the economy.

October’s job gain surpassed the 312,000 positions originally added in September. According to the October Jobs Report published on November 6th, the U.S. economy has reported to have added 531,000 jobs in the last month. The American unemployment rate had decreased to 4.6 percent from 4.8, leaving economists thrilled. Those surveyed by Refinitiv, a global provider of financial market data, expected the unemployment rate to slip to at least 4.7%.

Leisure and hospitality businesses took on about 185,000 new jobs, according to the job report. Professional and business services followed with a gain of 88,000 private payrolls.

“The labor market is not back to pre-Covid-19 levels, but it has staged an impressive comeback over the past 18-months,” said Jay Pestrichelli, CEO of ZEGA Financial, another economic market.

After recovering 81% of the jobs lost in the pandemic, the U.S has little ways to go for full rehabilitation. Over 18 million Americans have already returned to work, with job gains across the charts. This process is certainly encouraging, but the total employment is still down 4.2 million jobs from the pre-pandemic peak, according to Jamie McGeever, a market columnist. More major job gains are said to continue, as long as the pandemic remains contained.

Many voters had sent a strong message this week about their disappointment in the state of the U.S economy, much to President Joe Biden’s dismay. The sudden rise in employment is good news, with the Biden administration expecting more major economic progress in 2022.

The U.S remains on track to reach full employment, many Americans working hard to recover lost progress in the economy.