Employment in the United States continues to overcome the effects caused by the CCP (Chinese Communist Party) Virus, and unemployment dropped to 7.9%, from 8.4% in September, according to the Department of Labor.
With the creation of 661,000 jobs in nonagricultural economic sectors, the statistics are encouraging, returning to pre-pandemic performance levels, one of the best experienced in the country.
The manufacturing sector doubled expectations, adding 66,000 jobs in the month, up from the projected 33,000. That’s five consecutive months of job growth in this sector.
Another positive index is the increase in the average working-week hours of nonagricultural employees, which reached 34.7 hours in September. The manufacturing sector reached 40.2 hours, according to Breitbart.
At the same time, consumer sentiment in September rose significantly to 80.4 points from 74.1 points the previous month, according to a University of Michigan survey.
“While consumers have anticipated gains in the national economy ever since the April shutdown, the September survey recorded a significant increase in the proportion that expected a re-establishment of good times financially in the economy,” survey Director Richard Curtin said in a statement, Breitbart quoted.
The momentum seen in the United States sets new records, with 11 million jobs created in just the last five months.
A similar pace of economic recovery is seen in most countries.
“The outlook of Covid-19 [CCP Virus] impact in the economy has changed dramatically, with most large economies able to lift economic activity to much higher levels despite the ongoing virus spread,” considered Morgan Stanley economists.
The positive effect on the U.S. economy of loans aimed at mitigating the devastating impact of the CCP Virus is noteworthy. With them, the Trump administration benefited millions of companies.
“The PPP [Payment Protection Program] is providing much-needed relief to millions of American small businesses, supporting more than 51 million jobs and over 80 percent of all small business employees, who are the drivers of our country’s economic growth,” U.S. Treasury Secretary Steven T. Mnuchin said in July.