The economy continues to be an ongoing source of struggle for many Americans. The reality is that the rates of interest and inflation are consistently outpacing the average earnings of most people. Keeping up is often easier said than done.
This has created a situation where people have to either cut their expenses, look for extra work, or do both.
Though with more businesses beginning to lay off workers, securing additional employment is becoming more and more challenging. Unfortunately, middle-class and working-class workers keep losing their jobs at a time when they desperately need them.
More grim news comes from the Bureau of Labor Statistics’ August report, where unemployment rose, despite an increase in overall jobs.
What to know about last month’s jobs report
In August, the United States economy added a total of 187K jobs. In spite of this, the country’s unemployment rate rose to 3.8% after previously standing at 3.5% in July.
The most significant factors that impacted the spike in joblessness are anticipated interest rate hikes and the rise of folks seeking jobs (notwithstanding some of them still maintaining employment), combined with a reduction in employed individuals.
