August saw a notable decline in the unemployment rate to 8.4%
ByFunAsia 05 Sep 2020 10:17 PM 151

Last month, EMPLOYERS ADDED 1.4 million jobs resulting in a notable decline in the unemployment rate to 8.4%.


The increase in the employment rate was reported Friday morning by the Bureau of Labor Statistics, which is a sign that shows that the labor market is recovering from the pandemic-induced recession after lockdown orders were lifted. An increasing number of cases might have paused the re-opening plans and affected consumer behavior.


The payroll gains matched the expectations, as economists saw nearly 1.4 million jobs last month. Government Employment increased by 344,000 last month, accounting for one-fourth of the monthly payment. Notable improvements in retail, adding 249,000 jobs in August, played a significant role.


The unemployment rate dropped from July's 10.2% and beat analysts' predictions. The unemployment rate increased in April at a staggering 14.7% and has fallen every month since.


The unemployment report comes as Congress and the White House remain lip-locked over another stimulus package.


Out of all added jobs last month, 197,000 were added in the professional and business services. 


The ongoing pandemic continues to affect women and minorities. The unemployment rate among white workers at 7.3% last month, while the rate among Black workers was 13%, and Hispanics, the rate was 10.5%.


Men's unemployment rate was 8%, while 8.4% for women. 


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