U.S. Unemployment Rate Down to Under 8 Percent
The US economy saw another 661,000 jobs added back in September and a modest improvement in the unemployment rate, as the recovery in the labor market continues as a stagnating rate.
The Labor Department released its September jobs report Friday morning. Here were the main metrics from the release, compared to consensus estimates compiled by Bloomberg.
The addition in non-farm payrolls marked the fifth straight month of net job gains. Still, the economy remains far from recuperating the jobs lost during the nadir of the pandemic period in March and April. Between those two months, employment fell by more than 22 million. Through August, just 10.6 million jobs were brought back.
Even as the US economy brings back some workers, an increasing number of Americans have found their layoffs to be permanent. Fewer than half of unemployed workers reported being on temporary layoff or furlough in August, representing a major slide from the near-80% in the category in April. The number of permanent job losers in August rose by 534,000 to 3.4 million, with this measure having increased by 2.1 million since February. (Read more from “U.S. Unemployment Rate Down to Under 8 Percent” HERE)
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