The U.S. unemployment rate fell to 8.4% in August, the first time it fell to single digits since the coronavirus pandemic. Highlights include an increase of 174,000 jobs in leisure and hospitality, with about three-quarter of the gain occurring in food and beverage.
“While still nowhere near pre COVID-19 levels, the modest increase in leisure and hospitality roles in today’s jobs report reflects the slow reopening of economies around the country,” said Rebecca Henderson, CEO of Randstad Global Businesses and executive board member.
“The August job gains are a positive sign, however the service sector will need to be prepared for a potential second wave of the virus that could coincide with the holiday season. Having a pipeline of contingent talent that can be deployed where and when they are needed most will help businesses remain agile and adaptable to this changing market.”
Meanwhile, the number of permanent job losers increased by 534,000 to 3.4 million, which could be a warning sign of the pandemic’s longer-term impacts on the labor market.
Read more about the U.S. employment market in Hunt Scanlon. You can also get your exclusive copy of “How is key talent in the US impacted by COVID-19?” for an in-depth look at the change in talent demand in six job families in the United States.
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