President and CEO of Job Creators Network on Paycheck Protection Program reduced
SAN DIEGO (KUSI) – The economy added nearly 1.4 million jobs in August, and the unemployment rate sank to 8.4% from 10.2% in July. Those improvements came despite a summertime surge in confirmed COVID-19 cases and the failure of Congress to pass another rescue aid package that most economists say is essential to sustain any recovery.
Yet hiring slowed for a second straight month. The August job gain was also the smallest in four months. And Friday’s jobs report suggested that many of the springtime job cuts have become permanent.
As the pandemic slammed the United States in March and April, employers slashed 22 million jobs. Since then, the job market has been gradually bouncing back. From May through August, it’s added 10.6 million positions. That’s a robust gain. But it equals not even half the jobs that vanished in the springtime collapse. To take one example, factories now employ 720,000 fewer workers than they did in February.
President and CEO of Job Creators Network, Alfredo Ortiz joined Good Morning San Diego to discuss the jobs report and said, “Friday’s solid jobs report is a credit to President Trump’s leadership – especially his decision to stop the $600 weekly unemployment benefits.”