#WeBounceBack - The job market is rebounding from COVID! - Paycheck

#WeBounceBack – The job market is rebounding from COVID!

Americans are going back to work and the economy is on the path to recovery. Here’s a snapshot of the job market:

  • Unemployment is Down -- America’s unemployment rate dipped big time in August to 8.4%, which is down from 10.2% in July, and the number of Americans applying for unemployment benefits fell to roughly 880,000 in the last week of August.
  • Employers added a whopping 1.4 million jobs last month. As of right now we’ve recovered 9.3 million, or 42%, of the jobs that were lost in March and April.
  • Jobs were still lost in August - The bad part is that the U.S. still lost 534,000 permanent jobs which brings that total to over 3.4 million. Yikes....
  • What does this mean for our Paychecks? This is solid progress BUT the pandemic continues to threaten the stability of most jobs and specifically the service industry and jobs related to travel/hospitality. Many paychecks, who aren’t in cybersecurity, medicine or working remotely, are still struggling to make ends meet.
  • Paychecks are wondering what’s the next step? Bottom line: more jobs are returning every day. For example, Michigan jobs in construction, manufacturing, and durable & nondurable goods continue to grow steadily. Hopefully your job will come back soon, too. If not then maybe it’s time to dust off the resume and make a career change. Let’s hope it doesn't come to that, though.

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