Unemployment fell from 10.2% to 8.4% between July and August, data shows, but there's still a long road ahead. 'What’s concerning is that the pace of jobs growth is slowing down,' said one economist.
The August jobs report on Friday showed the coronavirus-battered U.S. economy recovered 1.4 million jobs last month, with the unemployment rate falling to 8.4% from 10.2%.
iframe.twitter-tweet { width: 100% !important; } •“Unemployment breaking the 10% barrier so decisively is a big psychological lift ... . The hiring of Census workers significantly added to jobs, but there were other key gains in the hard-hit retailing sector. Unfortunately, the easier jobs gains are over, and now we’ll be battling permanent layoffs once thought to be temporary, bankruptcies, secondary layoffs and maybe major layoffs in the airline industry.
• “One big concern in the report is that the number of reported permanent layoffs jumped by 534,000 to 3.4 million, which is up 2.1 million since February. Clearly some industries, notably restaurants and bars facing renewed restrictions in the face of higher infections, are struggling.” — Sal Guatieri, senior economist at BMO
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