The U.S. economy continues to show signs of recovery from the CCP Virus (coronavirus) recession a the jobless rate fell nearly two percentage points last month following solid job creation.
The unemployment rate fell to 8.4% in August from 10.2% in July, the Bureau of Labor Statistics said in a report on Friday, Sept. 4. The number of unemployed fell by 2.8 million to 13.6 million.
Just in April, the jobless rate remained at a post-Great Depression high of 14.7% when more than 20 million Americans lost their jobs due to the the virus pandemic.
August marks the fourth consecutive month of declining unemployment and job gains as well. The statistics bureau said that total nonfarm payroll employment rose 1.37 million last month, after increasing 1.73 million in July.
Though the number of unemployed Americans is still 11.5 million above its pre-virus pandemic level in February, the U.S. economy has now recovered nearly 10.7 million of the jobs lost to the pandemic as of August.
“These improvements in the labor market reflect the continued resumption of economic activity that had been curtailed due to the coronavirus pandemic and efforts to contain it,” the bureau said in a statement.
In August, job gains occurred in retail trade, in professional and business services, in leisure and hospitality, in education and health services, and in government employment.
The labor force participation increased 0.3 percentage point to 61.7% in August, an indication of increasing strength in both the job market and rising confidence among job-seekers.
Total employment, as measured by the household survey, rose 3.8 million in August to 147.3 million. The employment-population ratio rose by 1.4 percentage points to 56.5%.
In August, average hourly earnings for all employees on private nonfarm payrolls rose by 11 cents to $29.47, according to the report.
President Trump touted the job report in a tweet on Friday, saying “Great Jobs Numbers!”
“Great Jobs Numbers! 1.37 Million Jobs Added In August. Unemployment Rate Falls To 8.4% (Wow, much better than expected!). Broke the 10% level faster and deeper than thought possible,” the president wrote.
Great Jobs Numbers! 1.37 Million Jobs Added In August. Unemployment Rate Falls To 8.4% (Wow, much better than expected!). Broke the 10% level faster and deeper than thought possible.
— Donald J. Trump (@realDonaldTrump) September 4, 2020