This article is written in an optimistic tone. It comes with the hope that there have been significant job gains in recent times. But it is not so straightforward because the question is, does one ask this in relation to the pandemic or as if we are in normal times?
Job losses – as we know – were tremendously high during the peak of the pandemic, especially in the leisure and tourism industries. Nonetheless, once recovery began with US job creation, there was optimism (especially in relation to the large amount of job losses that had been encountered).
Still, this ebbs and flows. And while it may initially look good that there were 194,000 new jobs created in September 2021, that figure was actually the lowest since the job creation gain finally began increasing back in December 2020. Nonetheless, unemployment in September dropped from 5.2% in August to 4.8%.
Also, of the 194,000 jobs created, a staggering 84,500 were in the Florida region which – a statement from the Florida Governor’s Office said – :
“This month marks 17 months of private-sector job growth, increasing by 5.6% over the year. In addition, Florida has experienced 11 consecutive months of labor force increases, adding 50,000 workers over the month. Florida’s labor force growth represents a 5.4% increase over-the-year, which is significantly higher than the national rate of 0.8%.”
The other issue is that a larger number of Americans are quitting their jobs (stimulus checks?) is at a high. According to FWDBONDS chief economist, Christopher Rupkey:
“There are help-wanted posters in every shop window on Main Street, and the lack of workers is exacerbating the supply disruptions throughout the nation that is lighting a match to the fire of inflation. The labor market has already recovered.”
So yes, there have been job gains but we are not yet in a fully optimistic situation with this.