The Week in Business: Jobs Added, but at a Slower Pace

Happy Labor Day weekend! I hope you are enjoying some rest, even if it’s just a staycation. Here’s the business and tech news you need to know for the (short!) week ahead. — Gillian Friedman

The United States added 1.4 million jobs in August, as employers continued to bring back workers but at a slower pace from the 1.7 million jobs added in July and down significantly from the additional 4.8 million jobs in June. And while the unemployment rate fell to 8.4 percent, from 10.2 percent in July, payrolls are still more than 11 million jobs below their pre-pandemic level. The jobs report on Friday provided some of the first data on the state of the economy as emergency federal spending, including the $600 weekly supplement to unemployment benefits, came to an end. But because the data was

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August jobs report preview: Economists expect job gains at slower pace

  • The median economist estimate for Friday’s US nonfarm payrolls report is that the economy added 1.37 jobs in August, according to Bloomberg data. 
  • That’s a slower pace of jobs gained than in previous months, signaling that the labor market recovery is faltering as the coronavirus pandemic persists. 
  • “We shouldn’t confuse some improvement with a economy that is roaring back,” Nick Bunker, an economist at Indeed, told Business Insider. 
  • Visit Business Insider’s homepage for more stories.

Economists expect that Friday’s August nonfarm payrolls report, set to be released by the Labor Department, will show that the pace of the recovery from the coronavirus pandemic has lost further momentum. 

The median economist estimate is that the US economy added back 1.37 million jobs in August, according to Bloomberg data. That’s less than the 1.8 million added in July and the 4.8 million added in June. Again, there is a wide range of

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