The U.S. economy added 1.4 million jobs in August as businesses shuttered by the COVID-19 pandemic continued to reopen and bring back workers, more than offsetting a fresh wave of layoffs by firms that have exhausted their federal loans.
The unemployment rate fell sharply to 8.4% from 10.2% in July, the Labor Department said Friday.
Economists surveyed by Bloomberg had estimated that 1.35 million jobs were added last month.
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August’s payroll gains were healthy but mark the second straight monthly slowdown in hiring after employers added a record 4.8 million positions in June and 1.8 million in July. That’s a troubling sign considering the nation has recouped slightly less than half the unprecedented 22 million