Big Jobs Numbers Bring Unemployment Rate Down in August
September 4, 2020
The U.S. labor market is continuing to climb back from the pandemic downturn, making up substantial ground in August. The economy added 1.37 million jobs last month, bringing the unemployment rate to 8.4%.
Both numbers beat the expectations of economists, who had predicted 1.32 million new jobs and the unemployment rate falling to 9.8%.
Some analysts have warned that the numbers are not as positive as they seem. Government hiring accounted for the most new jobs, 344,000, but unfortunately, 328,000 of those are temporary census workers.