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Unemployment Rate at 8.4% — First Time to Be Below 10% Since March



Young Unemployed Man is Looking for a Job in the Newspaper | Unemployment Rate at 8.4% — First Time to Be Below 10% Since March | Featured

The U.S. economy Around 1.4 million in August. This shows that the country’s labor market is having a “slow but steady” recovery from the COVID-19 pandemic, as reported by Fox Business.

According to the Labor Department’s payroll report, the jobless rate fell to 8.4%. It came down from 10.2% in June and 14.7% in April. This is the first time since March that unemployment has been below 10%.

Fox Business reported that economists that were surveyed by Refinitiv “expected the report to show that unemployment dropped to 9.8% and the economy added 1.4 million jobs.”

“It's well below the combined 7.5 million jobs added in May and June before hiring cooled in July, with growth of just 1.9 million positions,” Fox Business said.

Tony Bedikian, head of global markets at Citizens Bank, said: “We are still moving in the right direction and the pace of the jobs recovery seems to have picked up, but it still looks like it will take a while – and likely a vaccine – before we get back close to where we were at the beginning of this year. We continue to be optimistic that the economy has turned a corner and that we’ll continue to see steady progress.”

Nonetheless, unemployment remains relatively high as the unemployment rate was at 3.5% in February before the crisis started.

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