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| SAUL LOEB/AFP via Getty Images |
The U.S. economy added 1.37 million jobs in August and the unemployment rate fell to 8.4 percent, providing reassurance that the labor market has kept up some of its post-lockdown momentum.
Economists had forecast an addition of around 1.32 million jobs and a decline in the unemployment rate to 9.8 percent from 10.2 percent last week.
The economy has added around 10.5 million jobs in the past four months. The increase in the ranks of employed workers shows that companies ramped up hiring as the economy reopened and consumers came back to stores, restaurants, and other businesses that had been shuttered in March and April. Despite the gains, total employment in August was lower than its February level, highlighting just how deep the pandemic cut into what had been the strongest jobs markets in decades.
More people came into the workforce and found jobs in August. The unemployment rate declined by 1.8 percentage points to 8.4 percent, and the number of unemployed persons fell by 2.8 million to 13.6 million. Both measures have declined for 4 straight months but are higher than in February, prior to the pandemic. --->READ MORE HERE
President Trump enters the Labor Day kickoff of the fall campaign buoyed by an encouraging August jobs report, with Republicans saying the development offers the commander in chief a critical opportunity to overtake Democratic nominee Joe Biden.
Unemployment plummeted to 8.4%, falling below 10% on the strength of 1.4 million new hires. The development suggests the economy is recovering from the depths of a brutal, pandemic-induced recession, which would help any president embroiled in a close reelection bid. Republican strategists say that goes double for Trump.
Voters give Trump high marks for his stewardship of the economy despite dissatisfaction with other aspects of his leadership, particularly his handling of the coronavirus. An improving financial picture provides the president with a credible platform to focus attention on his strong suit.
“I still think the election revolves around who can make America normal again, and getting the economy back to normal is a big part of that,” said Scott Jennings, a Republican strategist in Kentucky. “He's got to make the contrast, though, and explain why Biden's economic policies would put a halt to the recovery.” --->READ MORE HERE
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