Labor Secretary Marty Walsh argues part of the reason U.S. hiring slowed sharply in August is because of the resurgence in new COVID-19 infections and acknowledged that there is ‘more work to do.’
September is shaping up to be a critical month for the fate of the U.S. economy as the labor market’s recovery and the Federal Reserve’s tapering and rate-hike plans remain in limbo.
U.S. hiring slowed sharply last month as a resurgence in COVID-19 infections stunted job gains. Nonfarm payrolls added 235,000 workers in August, widely missing the 728,000 jobs that were expected. More than 1.05 million jobs were added in July.
The disappointing reading came just days before the $300 per week in supplemental unemployment benefits were set to expire in the 25 states that had not already ended the payments. Economists are eager to see the impact that the Child Tax Credit, which pays American families up to $3,600 per year per…