INSUBCONTINENT EXCLUSIVE:
US retailers usually start hiring for the holiday season in October, but this was upended by the pandemicAmid the COVID-19 pandemic leaving
a major impact on the US economy, a full economic recovery is unlikely until people are confident that resuming normal activities is safe,
said the US Central Bank chief
So far, the US has recorded 9,606,645 coronavirus cases and 1,232,516 deaths due to the infection-both the figures highest in the world
"Following the advice of public health professionals to keep appropriate social distances and to wear a mask in public will help get the
economy back to full strength," Jerome Powell, Federal Reserve Chairman Jerome Powell said on Thursday (November 5).According to Powell, the
Americans, along with its responsibilities to maintain the stability of the financial system
He added that the economic activity in the country has continued to recover from its depressed second-quarter level
The reopening of the economy has led to rapid rebound inactivity and the real GDP rose at an annual rate of 33 percent in the third
quarter.Moreover, employers in the US hired the lowest number of workers in October 2020 as compared to the last five months
This gives a clear indication that the end of fiscal stimulus and new COVID-19 infections are sapping momentum from the economic recovery
growing as it continues to heal from the deepest recession ever since the Great Depression
"The October jobs report is likely to show evidence of a weakening labor market," said Dean Baker, senior economist at the Center for
Economic and Policy Research in Washington.According to a Reuters survey of economists, the nonfarm payrolls likely increased by 600,000
jobs in October after rising 661,000 in September
This is the smallest gain since the jobs recovery started in May and leave employment 10.1 million jobs below its February peak
The employment report is also expected to show increases in the ranks of people who have permanently lost their jobs, as well as those who
have been out of work for more than six months.In the US, retailers usually start hiring for the holiday season in October, but this was
weigh on nonfarm payrolls
The unemployment rate is forecast falling to 7.7 per cent from 7.9 per cent in September.Additionally, at least 21.5 million people were
receiving unemployment benefits in mid-October
Many people, mostly women, have dropped out of the labor force to care for children or due to the fear of contracting the virus
"Lingering coronavirus fear, a slowing economic recovery and reports of childcare challenges are making discouraged workers more reluctant
to rejoin the official ranks of those seeking work while pushing others to leave the labor market for the time being," said Kathy
financial economist at Oxford Economics in New York
