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JOBS REPORT: Nearly 500k fewer payrolls than expected in August, economists worry

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Only 235,000 new payrolls were added nationwide in August according to the latest jobs report. Dow Jones experts expected it to rise to 700,000. Jobs have yet to recover the same number of jobs lost in April 2020, even 16 months later.

First, the hospitality and leisure industry led in most new payrolls over the past six months. Hospitality and leisure alone provided roughly 350,000 jobs each month, more than all of August. Now, the industry boasts an unemployment rate of 9.1%, nearly four points higher than the nationwide rate of 5.2%. Across the nation unemployment dropped only by 0.2% since July. Next, professional and business services contributed the most jobs in August with 74,000.

A minority, roughly 400,000 in August, blamed a pandemic-related reason was keeping them from work. The total using the excuse is 5.6 million. There are 8.4 million unemployed Americans total. Today 3.2 million have remained unemployed for over 27 weeks. That’s roughly 240,000 less than July. But it’s still 2.1 million higher than it was in February 2020.Unemployment overall is still lower than it was before March 2020. Employment placement firm Indeed estimates there are 10.5 million job openings currently.

Donald Trump Jr. reacted to the report in a tweet Friday. “Another disastrous economic report for the administration,” Trump said. “How long do you think this is sustainable for?” 

Meanwhile wages rose 4.3% on a year-over-year basis. They also rose 0.6% since last month.

You can follow Jenny Goldsberry on Twitter @jennyjournalism.

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Economy

Chevron downsizes global San Fran headquarters, paying for employees to move to Texas office

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Oil giant Chevron made a huge announcement saying it will be closing its current global headquarters in San Ramon, California. Even more telling, its encouraging employees to move to Houston, Texas.

The San Francisco Gate reported “the oil company will cover relocation costs for those voluntarily leaving for the Texas office, which has been growing and employs nearly 6,000 people. Meanwhile, the San Ramon office buildings have experienced dwindling numbers in recent years.”

Although the company is not leaving the state completely, “company leadership has pushed for a permanent move to Texas in the past” adds SFGATE. Chevron, which has had “deep roots” in California going back to the late 1800s, will vacate its 100-acre campus in 2023.

The Wall Street Journal reports the business hopes to move into a smaller space in San Ramon, which will remain its headquarters. A company spokesperson told SFGATE “the current real estate market provides the opportunity to right-size our office space to meet the requirements of our headquarters-based employee population.”

“The move is expected to occur during the third quarter of 2023” they continued. “Chevron will remain headquartered in California, where the company has a 140-year history and operations and partnerships throughout the state.”

The SFGATE notes Chevron is one of “the East Bay’s legacy companies joining the trend” to move their headquarters out of the area in recent years. Tech companies such as startups like Coinbase to industry pioneers like Hewlett Packard and Oracle have all vacated, with Elon Musk having been “one particularly outspoken voice decrying California’s business conditions.”

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