Jobs Report August 2020: Unemployment Falls to 8.4%

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Here’s what you need to know:

Credit…Samuel Corum for The New York Times

It could be years before the central bank raises interest rates above a “low” level, Jerome H. Powell, the chair of the Federal Reserve, said on Friday, a sign of the Fed’s steadfast view that the economy, while slowly recovering, will need extraordinary support for an extended amount of time given the pandemic.

His comments, in an interview with NPR, were a contrast to those from the White House, which hailed Friday’s jobs report showing the unemployment rate dipping to 8.4 percent as a sign of a continued, rapid recovery from the depths of the pandemic recession.

“The economy is now recovering,” Mr. Powell said. “But it’s going to

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Hong Kong’s exit from recession is in the market, space, jobs and labour force of the Greater Bay Area, financial secretary says

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The Greater Bay Area (GBA) of southern China can provide Hong Kong with the potential market and the growth driver for taking the city’s economy out of its worst recession in decades, and a grant by local authorities to funds start-ups is still up for grabs, said Financial Secretary Paul Chan Mo-po.

As job prospects dim amid Hong Kong’s recession, up to 4,000 young people can reach for the HK$100 million (US$13 million) grant set aside to fund as many as 200 start-ups throughout the 11 cities that make up the GBA. Disbursement of the fund, set up last year, was disrupted by the Covid-19 pandemic. Similar programmes are available in Zhaoqing and other GBA cities to nurture start-ups.

“A key advantage of the GBA development is [its potential] to expand the living and development space of Hong Kong residents,” Chan said in a 15-page reply to query by South

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Canada’s TSX Posts Biggest Weekly Loss Since June, C$ Rises After Jobs Gain | Investing News

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TORONTO (Reuters) – Canada’s main stock market index fell on Friday, taking its weekly loss to nearly 3%, as a selloff in high-flying technology shares continued, while the Canadian dollar rallied as domestic jobs data added to evidence of economic recovery.

The Toronto Stock Exchange’s S&P/TSX composite index <.GSPTSE> closed down 1.4% at 16,218.01, after paring earlier losses.

It was the second consecutive day of volatile trading for the TSX and other North American indexes, which had been on a tear since March. For the week, the TSX was down 2.9%, its biggest weekly decline since June.

“The market sell-off has been driven by technology names which have fallen in sympathy with U.S. counterparts and equity markets in general,” said Ben Jang, a portfolio manager at Nicola Wealth. “Profit-taking is not surprising given the recent outsized returns in technology.”

Shares of commerce platform provider Shopify Inc <.SHOP.TO>, Canada’s largest company

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Voss Industries seeks revised pact to bring Berea more jobs

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BEREA, Ohio — Voss Industries in Berea wants city officials to amend a 2019 job creation tax credit and energy grant agreement so that it can bring more jobs to the community.

The city entered into a 10-year agreement with Voss early last year that provided incentives for creating a minimum number of jobs and also helped the company to institute upgrades to the 1000 W. Bagley Road facility. Voss relocated its operations from Ohio City in Cleveland.

Company officials agreed to employ 325 people or achieve a $17 million annual payroll within three years. Voss already has surpassed the annual payroll goal by more than $2 million.

There currently are 240 employees in the Berea operation, with 35 employees anticipated to finish at another facility by Oct. 15 so those jobs can relocate to Berea.

The agreement returns to Voss 60 percent of the 2 percent payroll tax that

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Analysis: More People Got Back to Work in August, but Outlook Dims for Those Still Looking for Jobs

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September 1, 2020 at 5:00 am ET

  • Americans continued to gradually return to work in August, with 8.6% of workers who were employed in January reporting they were out of work in August, down from 11% in the first half of July.

  • Recent improvements in the demand for labor are creating two distinct employment paths as the economy recovers. On the one hand, a growing share of workers who are now back to work feels secure in their jobs and does not expect to suffer a loss of employment income over the next four weeks. On the other hand, unemployed workers are losing hope of returning to their prior jobs, and 50% of unemployment insurance recipients are unable to cover their basic expenses with the money they receive from UI benefits.

  • Barring dramatic developments in the spread of the virus, all indicators suggest that U.S. workers are likely to continue

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India Plans Extending World’s Biggest Jobs Program to Cities

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(Bloomberg) — India is considering extending its flagship jobs program in villages to workers in cities left unemployed by the pandemic-induced lockdowns, a government official said.

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The program, when approved, may be rolled out in smaller cities and initially cost about 350 billion rupees ($4.8 billion), said Sanjay Kumar, a joint secretary in the Ministry of Housing and Urban Affairs.

“The government has been considering this idea since last year,” he said. “The pandemic gave a push to this discussion.”

Prime Minister Narendra Modi’s government is already spending more than 1 trillion rupees on a rural jobs program this year, under which workers in the hinterland can earn a guaranteed minimum daily wage of 202 rupees for at least 100 days a year. An urban version of the plan will soften the blow on citizens most affected by the coronavirus fallout, which has set Asia’s third-largest economy on

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HelloFresh, the fast growing meal kit company, lands at DFW Airport with new plant creating 1,200 jobs

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International food service company HelloFresh is expanding its North Texas operations with a new production and distribution center in Irving that’ll create as many as 1,200 new jobs.

HelloFresh SE is planning the new 375,000-square-foot facility at DFW International Airport at 2700 Market St. to support its customers in the South and Midwest.

The facility near Airport Freeway will be the company’s largest distribution center, and will grow its production and distribution by more than 30%. HelloFresh now operates a distribution center at 1025 Post & Paddock St. in Grand Prairie.

“We are thrilled to be expanding our operational footprint in the Dallas-Fort Worth metro region, a highly effective logistics hub as demonstrated by our existing Grand Prairie distribution center,” Uwe Voss, CEO of HelloFresh U.S., said in a statement. “This new facility bolsters our already strong presence in the region and further supports HelloFresh U.S. growth plans as we

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Salesforce cuts 1,000 jobs after banner quarter, stock surge

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Salesforce.com plans to cut about 1,000 jobs, people familiar with the situation said, a move by the software giant to streamline its business even as it reports record quarterly revenue and forecasts further gains.

Sales and customer-support roles are among those being eliminated, said two of the people, who asked not to be identified discussing private information. In the U.S., the move affects some workers who sell the company’s software aimed at financial-services firms, health and life-science companies and other cloud sales teams, one of the people said. The cuts are taking place in more than a dozen Salesforce locations around the world, including in Canada, another said. Some employees focused on Service Cloud, Salesforce Platform and configure-price-quote software were also affected, a third person said.

“We’re reallocating resources to position the company for continued growth,” a Salesforce spokeswoman said. “This includes continuing to hire and redirecting some employees to

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Dollar gains, stocks ebb after jobs data halts rally

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NEW YORK (Reuters) – The dollar bounced off two-year lows and a gauge of global equity markets halted its march toward a record high on Friday, as better-than-expected U.S. jobs growth in July was tempered by the wrangles in Washington over a new stimulus bill.

Big rallies in gold and the euro were also snapped.

The U.S. Labor Department’s data showed slowing employment growth in July amid a surge in COVID-19 cases, highlighting the need for the White House and Congress to agree on an aid package.

Gold slid 2%, after hitting a record high earlier in the week, the euro fell from highs against the dollar last seen in May 2018 and U.S. Treasury yields rose, halting a downward move that had the benchmark 10-year note poised to fall below 0.5%.

The sell-off was due to profit-taking after the record peaks this week in gold and the tech-driven Nasdaq,

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U.S. Added 1.8 Million Jobs in July

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Here’s what you need to know:

The American economy gained 1.8 million jobs last month, even as the coronavirus surged in many parts of the country and newly reintroduced restrictions caused some businesses to close for a second time.

Still, the increase reported Friday by the Labor Department was well below the 4.8 million jump in jobs in June and a sign that momentum is slowing after a burst of economic activity in late spring. The unemployment rate fell to 10.2 percent.


Unemployment rate

By Allison McCann·Unemployment rates are seasonally adjusted. The government began collecting standardized unemployment statistics in 1948.·Source: Bureau of Labor Statistics

“The labor market continues to heal, which is encouraging, but there is a long road ahead,” said Michelle Meyer, head of U.S. economics at Bank of America.

She noted that 42 percent of the jobs lost since the pandemic hit had now

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