The latest jobs report shows that while there is plenty of work available, Americans don’t want to work or shop where they have higher risks of contracting the coronavirus.
Bullish business leaders, economists and policymakers were banking on a September surge of hiring with the end of extended unemployment benefits, schools reopening, and continued vaccinations. But those bets just went bust, after the latest release of monthly employment figures showed another month of lackluster hiring.
President Joe Biden put a positive spin on the numbers in a news conference on Friday afternoon, highlighting the upbeat statistics: unemployment rate is down to 4.8 percent, unemployment for Black Americans and Hispanics is down, and the drop of 496,000 in long-term unemployment is the second-largest single-month decline in history, with the largest being in July.
Female labor force participation was expected to go up as reopened schools eased child care issues for some, but the number actually fell from 56.2 percent to 55.9 percent.
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