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Nonfarm payroll employment rises by 1.4 million in August; unemployment rate falls to 8.4% https://www.bls.gov/news.release/empsit.nr0.htm
The number of unemployed persons fell by 2.8 million to 13.6 million. This is still 7.8 million higher than in February.
The labor force participation rate increased by 0.3 percentage point to 61.7% in August but is 1.7 percentage points below its February level.
A separate survey showed total nonfarm payroll employment was below its February level by 11.5 million.
Temporary Census work (+238,000 jobs) accounted for around one sixth of the August gain of 1.4 million jobs
What to watch: permanent layoffs
For the first time since March, the majority of job loss is permanent, not temporary. https://twitter.com/JedKolko/status/1301861996552306689
For the first time since March, the majority of job loss is permanent, not temporary. https://twitter.com/JedKolko/status/1301861996552306689
Even with the last four months of rebound, the employment shortfall since February is still worse than the lowest point reached after the 2007-09 downturn https://twitter.com/calculatedrisk/status/1301863207233937408
The nature of the shock has been very, very different from anything in our modern experience. But the policy response has also been striking: https://twitter.com/jasonfurman/status/1301871402115575810
