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[Boston Herald] Unemployment Rate Increases as Job Growth Slows

The Boston Herald recently published an article featuring insights from Jay Zagorsky, Clinical Associate Professor of Markets, Public Policy, and Law, discussing the recent rise in the U.S. unemployment rate.

Jay Zagorsky

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September 2, 2022

The Boston Herald recently published an article featuring insights from Jay Zagorsky, Clinical Associate Professor of Markets, Public Policy, and Law, discussing the recent rise in the U.S. unemployment rate.

Compared to July’s unexpected hiring surge, job growth slowed in August, with fewer jobs created relative to the large surge in the labor force, which rose by 786,000. As a result, the unemployment rate rose to 3.7% – still historically low. A survey conducted by the National Federation of Independent Businesses found that nearly half of employers reported raising salaries because of the competitive job market.

“More workers will release stresses on businesses that are having a hard time finding help”

Jay Zagorsky
Clinical Associate Professor in Markets, Public Policy, & Law

Jay pointed out that labor force participation has reached 62.4%, the highest level since the Covid lockdown in 2020. That could lead to more jobseekers for posted positions. According to Jay, “more workers will release stresses on businesses that are having a hard time finding help”

Jay Zagorsky is Clinical Associate Professor in Markets, Public Policy, & Law and is a cross-disciplinary researcher who has spent over two decades of researching a wide variety of personal wealth topics. He tries to explain why some people become rich, others are poor and some move between these two states. He is currently synthesizing this research into a book that presents the results of his academic research and other wealth researchers in an accessible format.