U.S. Unemployment Rate Drops to 8.4%, Employers Added 1.4 Million Jobs in August

By  //  September 4, 2020

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first time since March unemployment reaches below 10%

ABOVE VIDEO: FOX Business’ Cheryl Casone breaks down the August jobs report.

(FOX BUSINESS) – The U.S. economy added 1.4 million jobs in August as the unemployment rate unexpectedly tumbled, indicating the nation’s labor market is continuing a slow, but steady, recovery from the coronavirus pandemic.

The Labor Department’s payroll report released Friday showed the jobless rate fell sharply to 8.4%, down from 10.2% in June and a peak of 14.7% in April.

It marks the first time since March that unemployment is below 10%.

Economists surveyed by Refinitiv expected the report to show that unemployment dropped to 9.8% and the economy added 1.4 million jobs. It’s well below the combined 7.5 million jobs added in May and June before hiring cooled in July, with 1.9 million added.

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