The August jobs report out just before Labor Day missed big. The economy added just 235,000 new payrolls, dramatically falling short of expectations of 733,000 — by a third.
The unemployment rate stayed the same at 5.4%.
So why did it miss so big? Expectations underestimate the rising number of COVID cases. It sounds obvious in retrospect, but this month’s data encompasses the Delta variant’s economic impact, particularly on the leisure and hospitality sector.
After adding 415,000 jobs in…
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