The U.S. job market will continue to feel the effects of COVID-19, but it is too soon to say it is “stalling,” San Francisco Federal Reserve President Mary Daly said on Sunday. “It’s going to have these ups and downs, especially with the Delta variant,” Daly said on the CBS weekend news program “Face the Nation” when asked about a second straight month of disappointing job growth in September. “So I think it’s too soon to say it’s stalling, but certainly we’re seeing the pain of COVID and the pain of the Delta variant impact the labor market,” she said. Daly’s comments came after the Labor Department on Friday reported that just 194,000 new jobs were created last month, fewer than half the number expected by economists in a Reuters poll. While the unemployment rate dropped to an 18-month low of 4.8%, it was partly a factor of people leaving the U.S. workforce. Coupled with an equally disappointing employment report card for August, the recent data has raised concerns that the U.S. economy will take longer than expected to recoup the remaining 5 million jobs lost to the coronovirus pandemic, and that factors like high inflation, souring consumer sentiment and… Read full this story
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