President of Simply Driven Search – A member of the Sanford Rose Associates® network of offices, Kent Burns, Featured in Hunt Scanlon Media, Unemployment Rate Falls to 8.4 Percent
Plano, TX 9/10/2020
Employment rose by 1.4 million in August as the U.S. unemployment rate fell to 8.4 percent, according to the most recent U.S. Bureau of Labor Statistics report released this morning. That’s down from a peak of 14.7 percent in April, but still far above the 3.5 percent rate in February before the coronavirus pandemic led to mass economic shutdowns across the country.
Economists and officials have also now focused more closely on the Labor Department’s data on “permanent job losers,” or those who do not expect to be called back from temporary layoffs, as a warning sign of the longer-term impacts of the pandemic on the labor market. In August, the number of permanent job losers increased by 534,000 to 3.4 million after holding steady month over month at about 2.9 million in July.
“The latest unemployment report is consistent with what we’re experiencing with clients and candidates in the marketplace,” said Kent Burns, president of Simply Driven Executive Search, a member of the Sanford Rose Associates. “Don’t believe everything you read and hear. The mindset we see is, “Ok, this is how it’s going to be for a while – but we still have to move forward.” My firm had a very strong July, and August 2020 was our best month since August 2019,” he said. “Our clients continue to engage us to recruit talent for them. Companies want to hire, and talent wants to work.”
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