The U.S. economy created 1.4 million jobs in August, powered in part by the tens of thousands of workers — many temporary — hired by the federal government, the Labor Department said Friday.
The payroll report showed the jobless rate tumbled unexpectedly to 8.4%, down from 10.2% in June, as employers continued to call back workers who had seen their jobs vanish as a result of the coronavirus pandemic.
“We are still moving in the right direction and the pace of the jobs recovery seems to have picked up, but it still looks like it will take a while – and likely a vaccine – before we get back close to where we were at the beginning of this year,” said Tony Bedikian, head of global markets at Citizens Bank.
NEARLY HALF OF US JOBS LOST TO CORONAVIRUS COULD BE GONE PERMANENTLY, POLL FINDS
Government hiring helped boost the figure