Fewer hourly employees worked shifts in August, according to Homebase data, suggesting the Covid delta variant is dampening economic activity.
Virus-related deaths also nearly quadrupled over that period, to almost 1,000 a day, on average, from 226, according to the CDC.. That's true for about 52% of the total population, including kids.In July, the Conference Board's consumer confidence index had been at its highest level since the initial Covid outbreak in early 2020, according to Jim Baird, certified financial planner and chief investment officer at Plante Moran Financial Advisors in Portage, Michigan.
"The emergence of the delta variant has cast a shadow on that optimism, creating a growing recognition that the risk presented by Covid-19 is not yet in the rearview mirror," Baird said. The delta variant may impact employees and businesses in a few ways, Waldmann said. Consumer foot traffic and demand may fall if customers try to limit their in-person activities; businesses may respond to any in-house virus cases by reducing staffing or temporarily closing their doors, he said.
All states except three — Arizona, Maine and South Dakota — saw an employment decline in August, as measured by the number of hourly workers with at least one clock-in, according to Homebase. The monthly decline was largest in the Southeast region — a 5.6% loss, more than double the 2.3% drop in New England, according to Homebase.
The decline in worker numbers have affected certain industries harder than others. In entertainment and hospitality, for example, the figures fell by 35% and 20%, respectively, from their July peaks, according to Homebase., according to payroll provider ADP, well below the Dow Jones estimate of 600,000. The Bureau of Labor Statistics releases its monthly jobs report on Friday.
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