Much to the dismay of Joe Biden and the Democrats, the U.S. economy added 1.4 million jobs in August, and the unemployment rate fell from 10.2 percent to 8.4 percent.
Total nonfarm payroll employment rose by 1.4 million in August, following increases of larger magnitude in the prior 3 months. In August, nonfarm employment was below its February level by 11.5 million, or 7.6 percent. Government employment rose in August, largely reflecting temporary hiring for the 2020 Census. Notable job gains also occurred in retail trade, in professional and business services, in leisure and hospitality, and in education and health services.
In August, the unemployment rate declined by 1.8 percentage points to 8.4 percent, and the number of unemployed persons fell by 2.8 million to 13.6 million. Both measures have declined for 4 consecutive months but are higher than in February, by 4.9 percentage points and 7.8 million, respectively.
The following chart from the Bureau of Labor Statistics shows the dramatic recovery we’ve experienced since the Chinese coronavirus caused worldwide shutdowns:
— Matt Margolis 🇺🇸 (@mattmargolis) September 4, 2020
Unemployment rates for adult men, adult women, teenagers, whites, blacks, and Hispanics all decreased in August, and temporary layoffs decreased by 3.1 million to 6.2 million, a tremendous drop from the high of 18.1 million in April.
Even the labor force participation rate increased by .3 percentage points.
The number of unemployed persons who were jobless less than 5 weeks decreased by 921,000 to 2.3 million in August, and the number of persons jobless 5 to 14 weeks fell by 2.0 million to 3.1 million. The long-term unemployed (those jobless for 27 weeks or more) numbered 1.6 million, little changed over the month. (See table A-12.)
The labor force participation rate increased by 0.3 percentage point to 61.7 percent in August but is 1.7 percentage points below its February level. Total employment, as measured by the household survey, rose by 3.8 million in August to 147.3 million. The employment-population ratio rose by 1.4 percentage points to 56.5 percent but is 4.6 percentage points lower than in February. (See table A-1.)
In August, the number of persons who usually work full time rose by 2.8 million to 122.4 million, and the number who usually work part time increased by 991,000 to 25.0 million. Part-time workers accounted for about one-fourth of the over-the-month employment gain.
CNBC’s Sara Eisen noted that Friday’s report is “much better number than was expected…we now have recovered since April a total of about 10.6 million jobs.”
— RNC Research (@RNCResearch) September 4, 2020
The Trump Recovery is currently underway, and this is exactly what Biden doesn’t need right now.
Matt Margolis is the author of the new book Airborne: How The Liberal Media Weaponized The Coronavirus Against Donald Trump, and the bestselling book The Worst President in History: The Legacy of Barack Obama. You can follow Matt on Twitter @MattMargolis