Current data show the highest September unemployment rate since the end of the war.
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While the US economy created an average of 1.6 million new jobs during the holidays, it was less than half in September.
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The growth of new jobs slowed down already in the summer. While 4.8 million more were added in June, in July employers created only 1.8 million. One third of new jobs were created in the field of hospitality and leisure activities.
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“The rate of improvement has clearly slowed as the new rise in the virus has slowed down, so the outlook for October is not encouraging,” Ian Shephardson, Pantheon Macroconomics chief economist, told the Financial Times.
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This is the latest data on the labor market before the presidential elections on November 3. Defending Republican President Donald Trump will be challenged by former Democratic Vice President Joe Biden.
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The US economy was worst off in April. As a result, 20.5 million jobs were lost at the time and the unemployment rate reached 14.7 percent, the highest since 1948, when data were recorded.
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Before the start of the pandemic, the US unemployment rate was at its lowest level in fifty years.
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