The jobs recovery is expected to slow further

The US job market remains in a deep hole during the ongoing pandemic, and now the recovery is losing some of its momentum.



a person holding a sign


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Employers added 1.4 million jobs in August, the Bureau of Labor Statistics reported Friday. Job growth at that level marks a slowdown from earlier this summer: Employers added a revised 1.7 million jobs in July and 4.8 million jobs in June.

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

Millions of families are still in need of benefits to make ends meet while Congress continues to argue about the next stimulus package.

The unemployment rate fell to 8.4% from 10.2% in July. It’s below 10% — which was also its Great Recession peak — for the first time

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Fed’s Patrick Harker says jobs recovery will be slow, inflation at 2.5% would be OK

Patrick T. Harker, president of the Federal Reserve Bank of Philadelphia

Charles Mostoller | Bloomberg | Getty Images

Philadelphia Federal Reserve President Patrick Harker said Friday that it will take a significant amount of time before the U.S. sees unemployment figures return to their pre-coronavirus lows.

Harker, a voting member of the Federal Open Market Committee, also said he would be comfortable allowing inflation to rise as high as 3% so long as it does so at a slow and manageable rate.

He joined CNBC’s “Squawk Box” to discuss the central bank’s new inflation goal, which Chairman Jerome Powell announced Thursday.

“Right now, you’re seeing some signs of recovery, but basically it’s moving sideways,” Harker said of the U.S. labor market. “We still have 27 million that are on some form of unemployment and we won’t get fully back to the kind of employment — we had this great employment

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