Economy adds 1.4 million jobs in August, unemployment rate below 10% for first time since the pandemic took hold
WASHINGTON - The U.S. economy added 1.4 million jobs in August, sending the unemployment rate below 10% for the first time since the pandemic began, a glimmer of good news as the pandemic continues its march across the country.
The unemployment rate fell to 8.4%.
Analysts had expected job gains of around that amount, as the economy has shown signs of rebounding from the economic carnage left by closures aimed to stem the spread of the coronavirus.
The report is likely to influence the political debate about whether to reauthorize more aid for businesses and the unemployed, when Congress returns from its recess this month. It could also play a central role in the presidential race.
Economists say that they are still concerned about the job market's long term prospects because of the expiration if some of the aid programs passed by Congress in the Spring.
