U.S. employers added 1.4 million jobs last month. The unemployment rate fell to 8.4%, from 10.2% in July.
While the monthly snapshot from the Labor Department shows improvement, job growth has slowed since June, in a sign of what could be a long and painful recovery from the pandemic recession.
August job gains were boosted by the temporary hiring of 238,000 workers to complete the 2020 census.
The economy has so far recovered less than half of the 22 million jobs that were lost this spring. As of mid-August, more than 29 million people were collecting some form of unemployment benefits. That includes millions of gig workers and self- employed people who are not recorded in the monthly payroll count.
Two surveys this week showed expansion in both the manufacturing and service sectors of the economy. But while factory production accelerated in August, the much larger services sector appeared to be tapping the brakes.
What's in store for September? As industries see a combination of slow downs and speculative layoffs begin to come to fruition, where does this country stand as we prepare for the Presidential Election and Congress continues to fail to pass a new stimulus package?
Hosts Zack Hayes and Phil Hayes break it all down in this week's episode of Pure Speculation. Follow us on Twitter @strugglestate
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