August jobs report reflects similar growth in Kentucky – LINK nky

by | Sep 9, 2022 | Jobs

The August jobs report from the Bureau of Labor Statistics showed that the United States gained 315,000 jobs in August, while the unemployment rate rose slightly to 3.7%.

The positive job report reflects a similar trend in Kentucky, where the state is still recovering from the COVID-19 pandemic. The unemployment rate has been 3.7% for June and July. 

In a report from the Kentucky Center for Economic Policy, the state’s economy has been boosted by federal pandemic aid that has led to a fast recovery. Meanwhile, a tight labor market has driven up wages and offered better job opportunities to Kentuckians. 

“Despite these gains, hardworking Kentuckians still find it difficult to make ends meet and provide for their families,” the report reads. “Job quality and opportunities lag behind for some workers, including women, Black Kentuckians, those in the public sector and rural residents.” 

Further, it says that rising prices due to inflation are eating away at these gains. The federal government is also raising interest rates making a recession likely in the future. The report says that wages need to continue to rise to meet demand. 

“Even with recently rising wages, typical pay in Kentucky is not sufficient to adequately meet a family’s financial needs,” the report reads. 

While the ec …

Article Attribution | Read More at Article Source

Share This