The news that 1.4 million jobs were added to the US economy during August is “a good way to get into Labor Day weekend,” the Labor Day weekend said on Friday. Secretary of Labor Eugene Scalia.
“Since April, we have now added 10.6 million jobs, a much faster rate than anyone expected. This 8.4% unemployment rate [is] so much lower than people expected to see, ”Scalia told“ Bill Hemmer Reports ”.
Scalia noted that the Congressional Budget Office had predicted that the unemployment rate would be around 14% in the second quarter and 16% in the third.
FORMER OBAMA ECONOMIST ON AUGUST JOB REPORT: THE ECONOMY RETURNS FASTER THAN EXPECTED
“We’re in such a better place right now,” Scalia told host John Scott. “We know we have work to continue. Here we are, and I think that progress will continue, but it is certainly very good news for the weekend – a validation of the strong economy the president built before the virus hit. . ”
Scalia attributed the progress to financial support for small businesses and workers in the CARES Act and defended the fact that expanded federal unemployment benefits expire at the end of July.
NBF: AMERICAN EMPLOYERS HIRE 1.4M IN AUGUST AS UNEMPLOYMENT RATE DROPPED
“The CARES bill benefit, this $ 600 a week benefit, I think was a good thing to do as we shut down our economy. Many people were told by national and local authorities that they were not allowed to work, ”he said. . “But it was due to expire by Congress at the end of July. It was the right thing. The president wanted to provide continued federal unemployment assistance. Congress would not act, did not manage. a separate program, the Loss of Wage Assistance Program, in which 45 states currently participate – as another way to get additional help.
“But I think we’re seeing some benefits of the $ 600 a week expiration, but I think there’s more room to grow. I looked at the health sector. We still have 700,000 fewer health care jobs now than in February. We know these jobs can come back, come back. So I think there is also room for improvement for the future. ”
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Congress and the White House have struggled to find a compromise on a so-called “phase 4” economic stimulus measure that would provide extended unemployment benefits. In a statement Friday, House of Commons Speaker Nancy Pelosi, D-Calif., Claimed the August jobs report underscored the need for further action and accused Republicans of failing to realize the scale of the crisis.
“Sadly, Republicans continue to demonstrate their utter disregard for the lives and livelihoods of millions of Americans who are devastated by the deadly Republicans’ inaction,” she said. “The White House and Senate Republicans have made it clear that they do not know the magnitude of this disaster or the urgent needs of our communities and the American people,”