‘The American Comeback Is Underway’: August Sees 4th Largest Jobs Gain EVER

Employers added a whopping 1.4 million jobs in the month of August, continuing a streak of job growth following months of loss under the coronavirus pandemic.

While the figure is lower than the 1.7 million jobs gain in July, the figure is a hopeful showing that Americans are getting back to work.

Responding to the jobs report, President Trump described the economic recovery as “many, many months ahead of schedule.”

Vice President Mike Pence echoed these sentiments in a statement to CNBC.

“It’s another great day for American jobs and American workers,” he said, calling the report “real evidence that the American comeback is underway.”

The Associated Press reports:

The drop in unemployment was sharper than most economists expected and was attributed mainly to businesses recalling workers who had been temporarily laid off.

Private companies added just over 1 million jobs in August, with the government providing nearly 350,000 others, including a quarter-million temporary census workers. The fall in private hiring from 1.5 million jobs in July was seen as a sign that employers remain cautious with the virus still out of control.

The outbreak is blamed for about 187,000 deaths and almost 6.2 million confirmed infections in the U.S., by far the highest totals in the world.

Richard Moody, chief economist at Regions Financial, noted that about half the private-sector job gains were in three categories: retail, restaurants, hotels and casinos, and health care. All have benefited from the reopening of most states’ economies.

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In contrast, Democratic presidential nominee Joe Biden found a way to complain about more than a million Americans returning to work.

“Donald Trump may be the only president in modern history to leave office with fewer jobs than when he took office,” he said via the Associated Press.

The Hill reported in June that the country had already begun its post-covid rebound:

The 17 members of the Federal Open Market Committee (FOMC), which sets Fed interest rates, projected a median unemployment rate of 9.3 percent in 2020, falling to 6.5 percent in 2021 and 5.5 percent in 2022.

The unemployment rate was near a 50-year low of 3.5 percent in February before it spiked to 14.7 percent in April amid closures imposed to slow the spread of the coronavirus pandemic. It fell to 13.3 percent in May.

The Fed’s projections come after a surprisingly strong May jobs report boosted hopes of a quicker recovery from the coronavirus-driven recession. The U.S. added 2.5 million jobs in May, largely due to the return of 2.7 million workers from furlough, defying expectations from economists of another month with millions of jobs lost.