August was an excellent month for the US economy
The unemployment rate dropped to 8.4 percent and payrolls saw an increase of 1.37 million jobs as America continued climbing out of the COVID-19 pandemic downturn. The unemployment rate was the lowest since the shutdown in March, as reported by the Labor Department.
The numbers surpassed the predictions expected by economists. Vice President Mike Pence said, “It’s another great day for American jobs and American workers.” He said the unemployment rate is evidence the US is on a comeback.
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The head of global markets at Citizens Bank said they would remain optimistic that the US economy has turned a corner and will continue with steady progress. He said we are moving in the right direction and job recovery has seemed to pick up. The government hiring of 344,000 workers helped boost the numbers.
Local government employment went up by 95,000. A household survey by the Labor Department showed employment growth of 3.8 million. Retail added 249,000 jobs, and professional and business services increased by 197,000. Average hourly wages increased by 4.7 percent from last year.
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