Few jobs added, but unemployment rate, new demands plummet
Only 235,000 jobs in the United States were added in August, after experiencing a hiring boom in June and July, according to Labor Department figures released Friday. Analysts expected more than 700,000 jobs to be created.
But the unemployment rate has come down and initial jobless claims have fallen to levels not seen since the start of the Covid crisis, according to figures released this week.
New unemployment claims for last week fell to 340,000 – the lowest level since March 2020 at the start of the pandemic, reports CNBC.
The unemployment rate fell to 5.2% from 5.4% in July, according to estimates, CNBC said.
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the covid Delta variant accused of weakening hiring and spreading concern about the economy, reports the Associated Press.
“Friday’s report provided many signs that the delta variant had a depressive effect on job growth last month,” the AP said. “The sectors of the economy with the lowest hiring were primarily those requiring direct contact with the public.”
The growing service sector, but limited by hiring
The service sector grew for the 15th consecutive month, although slower in August than the previous month, according to the PMI survey conducted by the Institute of Supply Management (ISM).
The services PMI fell to 61.7%, 2.4 points below the record 64.1% set in July, according to the ISM.
“There was a decline in the rate of expansion in August; however, growth remains strong for the service sector,” ISM said ‘Anthony Nieves, whose service committee surveys business leaders. “The tight labor market, material shortages, inflation and logistics issues continue to drive capacity constraints.”
The 17 service industries that recorded growth in August are: accommodation and food services; Retail business; Construction; Educational services; Information; Mining; Other services; Utilities; Public administration; Transport and warehousing; Health care and social assistance; Wholesale trade; Business Management & Support Services; Agriculture, forestry, fishing and hunting; Finance and insurance; Real estate, rental and leasing; and Professional, Scientific and Technical Services.
The only industry to report a decline is the arts, entertainment and recreation industry.
Spend Matters Analysts Review Specialized ESG Providers, August Recap
This week, Spend Matters PRO analysts Nikhil Gaur and Nick Heinzmann examined how specialist ESG providers can contribute to sustainability efforts. And Heinzmann, the head of the analyst team, recapped our August PRO coverage to give an overview of why we wrote about certain topics and providers.
Our PRO subscribers can read the full articles, but all readers can see the long introductions that frame the issues discussed. This week:
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Happy Labour Day …
Afternoon coffee will not appear on Monday, the Labor Day holiday in the United States. The chronicle will return on Tuesday.
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