US adds 1.4 million jobs in August, but is still down 11.5 million jobs since COVID hit
Another 1.4 million jobs were added to the US economy in August, as the jobs recovery continued to slow.
Every person who can go back to work is a win for the recovery from the unprecedented jobless crisis the Covid-19 pandemic has brought on. However, America is still down 11.5 million jobs from February.
The unemployment rate fell to 8.4%. It’s below 10% — which was also its Great Recession peak — for the first time since March.
This means millions of families in need of benefits to make ends meet while Congress continues to argue about the next stimulus package.
During the Republican National Convention last week, President Donald Trump promised to create 10 million new jobs in 10 months. If the predictions hold true, he’ll have 8.6 million more to go — and even then, the US economy wouldn’t have gained back all the jobs lost since February.
Trump’s promise could prove difficult to achieve. The recovery is losing steam as the sugar rush from stimulus wears off, millions of people are still working from home, and retail, restaurants and other services industries remain battered from the pandemic.
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