US unemployment rate falls to 8.4% even as hiring slows
The US unemployment rate fell sharply in August to 8.4% from 10.2% even as hiring slowed, with employers adding the fewest jobs since the pandemic began.
Employers added 1.4 million jobs, the Labor Department said Friday, down from 1.7 million in July. The US economy has recovered about half the 22 million jobs lost to the pandemic.
Friday’s report from the Labor Department added to evidence that nearly six months after the coronavirus paralyzed the country, the economy is mounting only a fitful recovery. From small businesses to hotels, restaurants, airlines and entertainment venues, a wide spectrum of companies are struggling to survive the loss of customers with confirmed viral cases still high.
After an epic collapse in the spring, when the economy shrank at a roughly 30% annual rate, growth has been rebounding as states have reopened at least parts of their economies. Yet the recovery remains far from complete.
Many economists think significant hiring may be hard to sustain because employers are operating under a cloud of uncertainty about the virus. Daily confirmed case counts have fallen from 70,000 in June to about 40,000. The decline has leveled off in the past week and the viral caseload remains higher than it was in May and June.
As a result activities like restaurant dining and air travel are still far below pre-pandemic levels. Most economists say a meaningful economic recovery will likely be impossible until the coronavirus is brought under control, most likely from the widespread use of a vaccine.
In the first case, a First Information Report was registered for fire and vandalism on the Jinnah Avenue, while a second FIR was launched for arson and damage to property in the Express Chowk area of the city. Both the FIRs were registered on the complaint of police officials, but the second case clearly named Imran Khan and senior PTI leaders Asad Umar, Imran Ismail, Raja Khurram Nawaz, Ali Amin Gandapur and Ali Nawaz Awan among others.
Meta Platforms Inc's image-sharing platform Instagram was down for thousands of users on Thursday, according to outage-tracking website Downdetector.com. More than 6,000 users reported issues with Instagram on Downdetector, which tracks outages by collating status reports from several sources including user-submitted errors on its platform. The outage may be affecting a larger number of users. Meta did not immediately respond to a Reuters request for comment.
A strong 7.2-magnitude earthquake rocked southeastern Peru on Thursday, the US Geological Survey said, with Peruvian authorities adding there were no dead or injured. The quake hit at 7:02 am local time (1202 GMT), at a depth of 218 kilometers (135 miles), according to the USGS, sending people fleeing into the streets. Peru's National Seismological Center said the quake had a magnitude of 6.9 and a depth of 240 kilometers.
In a bizarre incident, a man from Japan has fulfilled his lifelong dream to look alike a dog by spending a whopping amount of ₹12 lakh. The man didn't go for any medical procedure but commissioned a life-sized dog costume from a professional agency called Zeppet to look like a collie - dog breed. Japanese news portal news.mynavi reported that Zeppet is known for making sculptures for advertisements, movies, and amusement parks.