U.S. Economy Adds 1.4M Jobs in August, Unemployment Rate Returns to Single Digits
WASHINGTON, D.C. — The U.S. economy added nearly 1.4 million jobs in August, the U.S. Bureau of Labor Statistics (BLS) reported Friday. The most recent figure was on par with economists’ expectations, with The Wall Street Journal reporting an expected gain of just over 1.3 million. The unemployment rate dropped from 10.2 percent to 8.4 percent.
Employment swelled in the government sector, which added 344,000 jobs in August, though 238,000 of the jobs are temporary 2020 Census workers.
The retail sector added 249,000 jobs, continuing its climb back to pre-pandemic levels. The sector, which encompasses general merchandise stores, motor vehicle and parts dealers, electronics and appliance stores and miscellaneous store retailers, is still 665,000 jobs below the February total.
Leisure and hospitality gained 174,000 jobs while education and healthcare services added 147,000 jobs.
In August, average hourly earnings for all employees on private nonfarm payrolls rose by 11 cents to $29.47. The average workweek for all employees on private nonfarm payrolls increased by 0.1 hour to 34.6 hours in August.
The BLS revised its June gains down by 10,000 jobs to just under 4.8 million. July was revised down by 29,000 jobs to just over 1.7 million.