America’s jobs recovery is expected to have slowed further in August as the services sector continues to struggle.
Economists polled by Refintiv predict the US economy added 1.4 million jobs in August, down from 1.8 million jobs added in July and 4.8 million in June.
The unemployment rate is expected to fall to 9.8% in August, which would be the first time since March that it stands below 10%. That would also be below the peak unemployment rate reached during the Great Recession.
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 would still be down nearly 11.5 million jobs from February, even with more than 1 million job gains last month.
Source : CNN