August jobs report badly misses expectations with 235,000-payroll gain as the Delta wave slams hiring
throughout last month. Economists at Goldman Sachs and Bank of America slashed their forecasts for third-quarter growth, citing the Delta wave and its effect on Americans' spending. July retail sales data already pointed to"relatively muted" growth, and the virus's spread suggests spending slowed even further in August, BofA economists led by Michelle Meyer said in a note.
The leisure and hospitality sector saw hiring completely freeze, with payroll growth coming in flat through the month. That comes after average growth of 350,000 over the previous six months. While jobs were created at arts and entertainment businesses, that was more than offset by a 42,000-payroll loss across restaurants and bars, according to the report.
The labor force participation rate held steady at 61.7%. The metric has taken on increased importance through the pandemic as millions of Americans remain sidelined for a collection of reasons. Republican governors and lawmakers have largely blamed bolstered unemployment insurance for substandard participation, arguing the benefit disincentivizes job take-up.
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