• Nicholas Mazza

Big August Jobs Report as Employers Hire 1.4M with Unemployment Rate Falling Sharply

The economic recovery continues with a big August jobs report that beat economists expectations.

From Fox Business:

The U.S. economy added 1.4 million jobs in August as the nation's unemployment rate unexpectedly tumbled, indicating the nation's labor market is continuing a slow, but steady, recovery from the coronavirus pandemic.

The Labor Department's payroll report released Friday showed the unemployment rate fell sharply to 8.4%, down from 10.2% in June. It marks the first time since March the nation's jobless rate is below 10%.

Economists surveyed by Refinitiv expected the report to show that unemployment dropped to 9.8% and the economy added 1.4 million jobs. It's well below the combined 7.5 million jobs added in May and June before hiring cooled in July, with 1.9 million added.

“We are still moving in the right direction and the pace of the jobs recovery seems to have picked up, but it still looks like it will take a while – and likely a vaccine – before we get back close to where we were at the beginning of this year,” said Tony Bedikian, head of global markets at Citizens Bank.

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