US labor market slowing as fiscal stimulus boost ebbs

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U.S. job growth slowed further in August as financial assistance from the government ran out, threatening the economy's recovery from the COVID-19 ...

WASHINGTON: U.S. job growth slowed further in August as financial assistance from the government ran out, threatening the economy's recovery from the COVID-19 recession.

The unemployment rate fell to 8.4per cent last month from 10.2per cent in July, even as more people entered the labor force. Economists polled by Reuters had forecast 1.4 million jobs added in August and the unemployment rate sliding to 9.8per cent. United Airlines said on Wednesday it was preparing to furlough 16,370 workers on Oct. 1. American Airlines has announced its workforce would shrink by 40,000, including 19,000 involuntary cuts. Ford Motor Co said it was targeting 1,400 U.S. salaried jobs for elimination by year end. Mass transit rail operators are also eyeing furloughs.

 

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