Colorado Springs

September a crucial month for U.S. economy as millions remain out of work – Colorado Springs, Colorado

Colorado Springs, Colorado 2021-09-13 14:15:07 –

Colorado Springs – PhD economist Tatiana Bailey said this month’s recruitment report was disappointing after high expectations for job growth in August. Bailey told FOX21 News that there is growing concern that the factors that are driving the economy outweigh the dips caused by the pandemic.

Bailey, director of the Colorado Springs Economic Forum at the University of Colorado, said the rapid adoption of the Delta COVID-19 variant increased uncertainty during recovery efforts. It starts to work. “

“It was the service, especially hospitality and retail spending, that stopped,” Bailey explained.

Since February 2020, 8.4 million people are still absent from work and 1.7 million jobs have been lost in hospitality.

Now past August, an estimated 42,000 jobs have been lost from restaurants and taverns.

Bailey says that for those who aren’t working, 5.6 million people are absent from work because they worked for a closed business.

“I’m worried a lot about it. I always talk to small business owners in the area. Restaurants and retailers, they all say the same – this is a big mess for them And even if they [Paycheck Protection Program] The loan, it expired and it helped them for a relatively short period of time. “

Bailey reported that even in states that ended supplementary unemployment benefits from the federal government, employment growth remained similar to that in states that continued to pay.

Bailey says it’s more proof that people are hindering their work than simply making extra money because they aren’t working.

“Childcare was a pre-pandemic issue. Skill gaps were a pre-pandemic issue. Population statistics and the fact that the workforce is declining just because they have fewer children than they were 10, 20, or 30 years ago. It’s a structural issue, so we have to deal with all of this, “Bailey explained.

In the week of September 6, the US Department of Labor reported 310,000 first unemployment benefits, the lowest in the pandemic process. By pre-pandemic standards, the numbers are still high, but Bailey says he has hope as many schools begin to return nationwide after Labor Day.

“I throw a towel and don’t say’the sky is falling’. I think we’ll get better numbers in September,” she said.

September a crucial month for U.S. economy as millions remain out of work Source link September a crucial month for U.S. economy as millions remain out of work

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