Joe Biden said the U.S. economic recovery is sustainable after a new drop in unemployment.

Joe%20Biden%20said%20the%20U.S.%20economic%20recovery%20is%20sustainable%20after%20a%20new%20drop%20in%20unemployment.
source: spectrumlocalnews.com

Joe Biden said the U.S. economic recovery is sustainable after a new drop in unemployment.

The rate dropped to 5.2%, and 235,000 new jobs were created in August, lower than expected. But the U.S. president assured that his plan is working.

President Joe Biden said on Friday that the economic recovery in the United States is "lasting" despite the slowdown in job creation in August.

" What we are seeing is an economic recovery that is long-lasting and strong," the president said in a speech from the White House. " The Biden plan is working, " he said.

Unemployment in the United States fell to 5.2% in August, two tenths less than in July, while 235,000 new jobs were created, the Labor Department reported.

The number of new jobs for August is below expectations. It could indicate that the Delta variant is affecting the country's economic recovery. New job creation stood at 1.1 million in July, according to revised data.

In August, there were significant job benefits in occupational and commercial services, transportation and warehousing, private education, manufacturing and other services, the Labor Department noted in its press release.

Conversely, retail employment declined.

The unemployment rate continued to fall, to 5.2%, as expected, from 5.4% last month. This decrease is partly explained by the fact that many people have left the labor market and are no longer actively looking for work.

Monthly job creation allows us to catch the pulse of the U.S. economic recovery.

The figures were released after reports this week that weekly applications for unemployment benefits in the United States have reached a new low since the onset of the COVID-19 epidemic.

Between August 22 and 28, 340,000 applications for unemployment benefits were registered, down 14,000 from the previous week, when there were 354,000, according to the U.S. Department of Labor.

Analysts expect 348,000 new orders a week under study.

Initial applications have been closed for months due to further opening up of the economy and high demand for labor. Nonetheless, they are higher than pre-epidemic levels, and the rapidly spreading Delta variant has added uncertainty to the economic landscape, threatening future extinction.

Recently, the Biden government announced that it would not seek to extend the reinforcement of $ 300 a week in the unemployment subsidy that expires on September 6, given the improvement in the economic recovery after the crisis caused by the COVID-19 pandemic.

" The $ 300 endorsement will expire on September 6, as scheduled, " Treasury Secretary Janet Yellen and Labor Secretary Marty Walsh sent to the Senate finance committee in a joint letter.

"As President Biden has stated," they added, " the boost was always planned as temporary, and it is appropriate for that benefit to end ."