U.S. employers added 1.4 million jobs in August, and the unemployment rate dropped to 8.4 percent, as the nation's pandemic-ravaged labor market continues to slowly recover, the U.S. Bureau of Labor Statistics reported Friday.
It was the first time the unemployment rate fell below 10% since the coronavirus pandemic forced widespread shutdowns in March.
This is a breaking news update.
The labour market recovery from the depths of the pandemic in mid-March through April appears to be faltering.More news: Thailand's king reconciles with ousted consort
After 2.7 million jobs added in May and another 4.8 million added in June, job growth has slowed down in the past two months, indicating the potential for a longer-term economic recovery rather than a quick bounce-back. However the number of permanent job losses also increased 534,000 to 3.4 million.
Provincially, employment rose in August by 142,000, almost all in full-time work, bringing Ontario's unemployment rate down to 10.6 per cent from July's 11.3 per cent. Most of the job gains stem from workers being recalled from furloughs or temporary layoffs.
He said on Twitter: "Great Jobs Numbers!"
Here's what else four economists had to say about the August jobs report. A weekly report from the U.S. Department of Labor showed that number fell by about 3,000 compared to the prior week.More news: Facebook will block new political ads a week before Election Day
Meanwhile, the unemployment rate didn't improve evenly across different groups.
In the private sector, the biggest gains were seen in retail (249,000); professional and business services (197,000), though more than half of those were in temporary help services; leisure and hospitality (174,000), with three-fourths of the gain in food services and bars; health care (75,000); and private education (57,000).
All of the August new jobs were full-time, said Statistics Canada.
But without any further lifting of COVID-19 restrictions anytime soon, future jobs reports will be more "representative of the level of scarring that there's been from the pandemic", Harvey said. That is the second straight month there has been a decline in the number of jobs created.More news: CSK’s Harbhajan Singh pulls out of IPL 2020
Also, a longer-term view of the USA labor market shows that job growth is expected to slow significantly over the next decade compared to the employment boom during the longest economic expansion in US history, which was thrown into a tailspin by the outbreak of the CCP (Chinese Communist Party) virus.