The U.S. added 1.4 million jobs in August, the Labor Department said Friday—the new data shows that while the labor market is making modest gains, the pace of recovery has slowed significantly thanks to the expiration of federal stimulus benefits.
Friday’s numbers were in line with the 1.4 million new jobs economists were expecting.
The economy added 1.8 million jobs in July, and 4.8 million jobs in June, and the unemployment rate fell from 10.2% to 8.4% after skyrocketing to 14.7% in April.
During the Great Recession, the unemployment rate peaked at 10.6% in January 2010.
Despite Augusts’ gains, the economy is still down 11 million jobs from February, before the coronavirus shutdowns began to take a