The US unemployment rate fell
sharply in August, as some firms began to hire new staff again and
temporary hiring for the US census boosted job numbers.
Firms added 1.4 million new jobs and unemployment fell below 10% for the first time since the pandemic began.It is the fourth month in a row that America's jobs picture has improved, as the economy begins to rebound from the depths of the coronavirus recession.
https://www.bbc.com/news/business-54029361
WASHINGTON (Reuters) – U.S. job growth slowed further in August as financial assistance from the government ran out, threatening the economy’s recovery from the COVID-19 recession.
Government hiring for the 2020 Census accounted for nearly a fifth of the employment gains reported by the Labor Department on Friday. Companies from transportation to manufacturing industries are announcing layoffs or furloughs. The moderation in hiring could pressure the White House and Congress to restart stalled negotiations for another fiscal package, and will likely become political ammunition for both Democrats and Republicans with just two months to go until the presidential election.
Programs to help businesses pay wages have either lapsed or are on the verge of ending. A $600 weekly unemployment supplement expired in July. Economists credited government largesse for the sharp rebound in economic activity after it nearly ground to a halt following the shuttering of businesses in mid-March to control the spread of the coronavirus.
Nonfarm payrolls increased by 1.371 million jobs last month after advancing 1.734 million in July. Government employment rose 344,000, with 238,000 temporary workers hired for the population count. Job growth peaked at 4.781 million in June.
The unemployment rate fell to 8.4% last month from 10.2% in July, even as more people entered the labor force. Economists polled by Reuters had forecast 1.4 million jobs added in August and the unemployment rate sliding to 9.8%.
https://www.oann.com/u-s-job-growth-seen-slowing-in-august-unemployment-rate-falling-below-10/
