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US job growth slows in August, unemployment rate falls to 8.4pc | Malay Mail

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WASHINGTON, Sept 4 — US job growth slowed further in August as financial assistance from the government ran out, threatening the economy’s recovery from the Covid-19 recession. Nonfarm payrolls increased by 1.371 million jobs last month after advancing 1.734 million in July, the Labor...

People gather at the entrance for the New York State Department of Labor offices, which are closed to the public due to the Covid-19 outbreak in the Brooklyn borough of New York March 20, 2020. ― Reuters pic

Nonfarm payrolls increased by 1.371 million jobs last month after advancing 1.734 million in July, the Labor Department’s closely watched employment report showed on Friday. The unemployment rate fell to 8.4 per cent from 10.2 per cent in July. Economists polled by Reuters had forecast 1.4 million jobs added in August and the unemployment rate sliding to 9.8 per cent.

Programs to help businesses pay wages have either lapsed or are on the verge of ending. A US$600 weekly unemployment supplement expired in July. Economists credited government largesse for the sharp rebound in economic activity after it nearly ground to a halt following the shuttering of businesses in mid-March to control the spread of the coronavirus.

Most of the job gains have been workers being recalled from furloughs or temporary layoffs. Though new Covid-19 infections have subsided after a broad resurgence through the summer, many hot spots remain.

 

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