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