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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

VIDEO: Thousands of packages looted as thieves rob L.A. bound trains

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@JohnSchreiber

The lawlessness of California continues to manifest itself in very visible ways. Videos are emerging on social media showing huge amounts of trash, and in particular, UPS boxes and amazon packages that were en route to residential addresses.

The trash is piling up jut next to the train tracks, where CBS Los Angeles reports train burglaries are on the rise. “There’s loot3ed packages as far as the eye can see. Amazon packages, @UPS boxes, unused Covid tests, fishing lures, epi pens. Cargo containers left busted open on trains” tweeted John Schreiber.

Schreiber added, “I’m told by law enforcement these @UPS bags are especially sought after by thieves opening cargo containers…they are often full of boxes with merchandise bound for residential addresses. More valuable than say, a cargo container full of low value bulky items like toilet paper.”

Schreiber’s multiple videos posted to Twitter show the absolute disgust resulting from the thievery. “As you can see, trains frequently slow or stop in this area as they get worked into the @UnionPacific Intermodal facility near Downtown LA. The thieves use this opportunity to break open containers and take what’s inside, I’d say every 4th or 5th rail car had opened containers.

In another tweet with more photos of damaged property, Schreiber writes, “missing a package? Shipment delayed? Maybe your package is among the thousands we found discarded among the tracks. This is but one area thieves have targeted trains. We were told this area was just cleaned up 30 days ago so what you see is all within the last month. @CBSLA.”

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