Market

U.S. has long way to go to recover from pandemic -commerce secretary By Reuters

2/2
© Reuters. FILE PHOTO: People who lost their jobs wait in line to file for unemployment following an outbreak of the coronavirus disease (COVID-19), at an Arkansas Workforce Center in Fort Smith, Arkansas, U.S. April 6, 2020. REUTERS/Nick Oxford

2/2

WASHINGTON (Reuters) – Many Americans are still struggling to return to work after the coronavirus pandemic and last week’s lower-than-expected jobs numbers were a reflection of that, Commerce Secretary Gina Raimondo said on Sunday.

“I think we have a long way to go to recover from the pandemic,” Raimondo said on CBS’ “Face the Nation” program. “There are so many Americans still struggling” and 8 million fewer jobs than there were before the pandemic, she said.

U.S. job growth unexpectedly slowed last month, likely restrained by shortages of workers and raw materials. Nonfarm payrolls increased by only 266,000 jobs, well below the nearly 1 million jobs economists expected and a sharp contrast to steady increases in growth from January to March.

“We are making bold moves, but there’s a long way to go and we have to be there to help Americans find jobs,” Raimondo said of efforts by the administration of President Joe Biden, a Democrat, to boost the economy.

Women have been particularly hard-hit during the pandemic as many are clustered in industries hit hardest – lower-skilled service jobs, she said. Lack of affordable child care also hits women hard, and with schools closed their choices were curtailed further.

Raimondo rejected some Republicans’ contention that people are reluctant to return to work because they are receiving unemployment insurance, saying nothing in the data suggests that.

“The number one reason now that people aren’t going back to work is what you said: fear. Or if they can’t find childcare or schools are still closed,” Raimondo said.

Raimondo said on Friday that the shortage in semiconductors was a factor in April’s jobs report and on Sunday she said she was focused on finding ways to produce them in the United States to avoid similar supply disruptions in the future.

Biden’s jobs package calls for a $50 billion investment into the supply chain to make the country less vulnerable, she said.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.


Most Related Links :
Business News Governmental News Finance News

Need Your Help Today. Your $1 can change life.

[charitable_donation_form campaign_id=57167]

Source link

Back to top button