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Latest jobs report shows number of permanent layoffs has soared
By Emily Singer -September 4, 2020 10:56 AM
Under the hood, the August jobs report is bad news for the economic recovery.
The August jobs report released Friday morning showed concerning signs for the economy, as the pace of job creation slowed and the number of permanently unemployed climbed.
The report showed that the economy added 1.4 million jobs in August, decreasing the unemployment rate to 8.4%.
However, the increase in jobs was down from the 1.7 million added back in July, and the 4.8 million from June.
What's more, 240,000 of the jobs added in August are temporary Census employees who will lose their jobs at the end of September.
Published with permission of The American Independent Foundation.
https://americanindependent.com/august-jobs-report-economy-covid-19-coronavirus-increase-permanently-unemployed/
