Unemployment drops to 8.4% but US job growth slowed in August


WASHINGTON (AP)

The U.S. unemployment rate fell sharply in August to 8.4% from 10.2% even as hiring slowed, with employers adding the fewest jobs since the pandemic began.

Employers added 1.4 million jobs, the Labor Department said, down from 1.7 million in July. The U.S. economy has recovered about half the 22 million jobs lost to the pandemic.

Friday’s report added to evidence that nearly six months after the coronavirus paralyzed the country, the economy is mounting only a fitful recovery. From small businesses to hotels, restaurants, airlines and entertainment venues, a wide spectrum of companies are struggling to survive the loss of customers with confirmed viral cases still high.

After an epic collapse in the spring, when the economy shrank at a roughly 30% annual rate, growth has been rebounding as states have reopened at least parts of their economies. Yet the recovery remains far from complete.

Many

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US economy adds 1.371 million payrolls in August, unemployment rate dips to 8.4%

The US economy added back a greater than expected number of payrolls in August and the unemployment rate improved by a larger than anticipated margin, as employers continued to bring back workers as virus-related business disruptions abated. Still, the pace of payroll gains slowed relative to recent months.

Here were the main metrics from the Department of Labor’s August jobs report released Friday morning, compared to consensus estimates compiled by Bloomberg:

  • Change in non-farm payrolls: +1.371 million vs. +1.350 million expected, vs. +1.734 million in July

  • Unemployment rate: 8.4% vs. 9.8% expected, vs. 10.2% in July

  • Average hourly earnings, month over month: 0.4% vs. 0.0% expected, +0.1% in July

  • Average hourly earnings, year over year: 4.7% vs. 4.5% expected, 4.7% in July

  • Labor force participation rate: 61.7% vs. 61.8% expected, 61.4% in July

Even with another print above 1 million, the number of non-farm payrolls added in August has not

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CIVICA Colorado, a Milliken charter school, scheduled to open in August 2021

A new charter school is scheduled to open in Milliken in 20201, and the model for the future CIVICA Colorado is expected to fit the profile of the Johnstown and Milliken communities, according to one of the school founders.

CIVICA is a charter school authorized in the Johnstown-Milliken School District.

“Everything we do is character-driven,” said Sheena McOuat, who developed CIVICA Colorado with Craig Horton, a retired Fort Collins police officer who founded Liberty Common Charter School. “The students will pursue industry certification and internships so on graduation day, they can go to college or to a job or to the military.”

CIVICA Colorado charter school founding team
The founding team members of CIVICA Colorado, a charter school scheduled to open in Milliken in August 2021. From left: Craig Horton, Rex Beall, principal Sheena McOuat, Carlos Alvarez, Stephanie Podtburg and Noland Eastin. (Photo courtesy: Craig Horton).

McOuat, now the CIVICA principal, has 19 years in education

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The Jobs of August – WSJ

So much for the economy falling off an August cliff. That was the prediction in progressive economic circles amid a summer Covid-19 surge and the reduction in government payments to individuals. But Friday’s blowout jobs report for August reveals a labor market and economy that continue to recover in encouraging fashion.

The economy added 1.4 million jobs in the month while the unemployment rate declined 1.8 percentage points to 8.4%. Temporary Census hires filled 238,000 of those jobs. But the economy has nonetheless added 10.5 million private jobs in four months, about half as many as were lost in the recession caused by government-ordered lockdowns. The recovery after the 2008-2009 recession took three years to make this much progress, and the jobless rate was still 8.1% in August 2012.

Labor force participation increased 0.3 percentage points to 61.7%, up 1.5 points from its April low. This is still 1.7 percentage

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Job market seen somewhat weaker in August, as rehiring slowed and layoffs continued

As Phase One of reopening begins in Northern Virginia today, a waiter in a face mask to protect against the coronavirus (COVID-19) carries food to diners seated outdoors at a restaurant in Alexandria, Virginia, May 29, 2020.

Kevin Lamarque | Reuters

The pace of rehiring is expected to have slowed in August, and the economy likely added fewer jobs than in July as workers continue to be laid off.

Economists expect 1.32 million jobs were added in August, and that the unemployment rate fell to 9.8%, according to a Dow Jones survey. That compares to 1.76 million job gains in July and an unemployment rate of 10.2%. The August employment report is expected to be released at 8:30 a.m ET Friday.

“Retail spending and durable goods orders are up. The economy is progressing,” said Chris Rupkey, chief financial economist at MUFG Union Bank. “If that is the case, the labor

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August jobs report may appear rosy, but most job cuts have yet to hit, economists warn

Waves of fresh furloughs are poised to hit American workers as companies wake up to the reality that the coronavirus is proving more intractable than they initially thought.

“The ‘V-shaped’ recovery is a mirage,” said Nick Mazing, director of research at data provider Sentieo. “We are seeing a permanent reduction in the size of several sectors in the economy.”

While the economy added an estimated 1.4 million jobs in August, according to Friday’s government jobs report, the number actually points to a slowdown in the recovery. The total positions added is below the 1.7 million job gains for July, and far below the 4.8 million added in June.

The jobs report is based on a survey that is conducted during the week that includes the 12th of the month — but data that was collected after that period flashed warning signs for some economists.

As of Aug. 17, job openings

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Unemployment rate is down to 6.8% after 100,000 jobs created in August



a person standing in front of a store: MailOnline logo


© Provided by Daily Mail
MailOnline logo

Women are leading Australia out of the coronavirus recession with unemployment falling in August for the first time since the health pandemic began – creating 111,000 new jobs.

The jobless rate fell from a 22-year high of 7.5 per cent in July to 6.8 per cent last month, the Australian Bureau of Statistics has revealed.

Unemployment is still higher than March’s 5.2 per cent level, with that data compiled before the World Health Organisation declared a coronavirus pandemic.

Nonetheless, joblessness has fallen for the first time since February when the Australian share market peaked despite Melbourne recording the first case of COVID-19 in January. 



a person standing in front of a store: Women are leading Australia out of the coronavirus recession with unemployment falling in August for the first time since the health crisis - creating 111,000 new jobs.Pictured is Sydney Mitre 10 hardware manager Ching Ching


© Provided by Daily Mail
Women are leading Australia out of the coronavirus recession with unemployment falling in August for the first time since the health crisis – creating 111,000 new jobs.Pictured is Sydney Mitre 10 hardware manager Ching

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ADP Canada National Employment Report: Employment in Canada Decreased by 205,400 Jobs in August 2020

The MarketWatch News Department was not involved in the creation of this content.

TORONTO, Sep. 17, 2020 (Canada NewsWire via COMTEX) —
Employment in Canada decreased by 205,400 jobs from July to August according to the August ADP(®) Canada National Employment Report. Broadly distributed to the public each month, free of charge, the ADP Canada National Employment Report is produced by the ADP Research Institute(®). The report, which is derived from actual ADP payroll data, measures the change in total nonfarm payroll employment each month on a seasonally-adjusted basis.

August 2020 Report Highlights*

Total Canada Nonfarm Payroll Employment(1): -205,400

Industry Snapshot:

– Goods Producing:

    --  Manufacturing - 39,000
    --  Construction - 86,200
    --  Natural Resources and Mining - 1,300


– Service Providing:

    --  Trade/Transportation and Utilities - 49,500
    --  Information - 2,500
    --  Finance/Real Estate 3,000
    --  Professional/Business Services - 29,100
        - Professional/Technical - 18,400
        - Management of Companies - 
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August new jobs under forecast

U.S. companies added fewer jobs than expected last month, suggesting the labor market rebound remains gradual, with employment well below pre-pandemic levels.

Payroll processor ADP said Wednesday that businesses added 428,000 jobs in August, a figure that before the pandemic would have represented a healthy gain. But the increase represents a small slice of the 12 million jobs that have been lost to the spread of the coronavirus.

ADP said the bulk of the gains were at large companies, which added about 298,000 jobs. Small businesses with fewer than 50 employees gained just 52,000 positions, while medium-size firms — with between 50 and 499 employees — added 79,000 jobs.

“Given the enormous job losses during the viral recession, job growth of around 400,000 per month means that it would take years for the labor market to recover from the coronavirus pandemic,” Gus Faucher, an economist at PNC, said.

[CORONAVIRUS: Click

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US adds 1.4 million jobs in August | Us World News

(CNN) — Another 1.4 million jobs were added to the US economy in August, as the jobs recovery continued to slow.

This was in line with expectations, and down from 1.7 million jobs added in July and 4.8 million in June.

Every person who can go back to work is a win for the recovery from the unprecedented jobless crisis the Covid-19 pandemic has brought on. However, America is still down 11.5 million jobs from February.

The unemployment rate fell to 8.4%. It’s below 10% — which was also its Great Recession peak — for the first time since March.

This means millions of families in need of benefits to make ends meet while Congress continues to argue about the next stimulus package.

During the Republican National Convention last week, President Donald Trump promised to create 10 million new jobs in 10 months. If the predictions hold true, he’ll have

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