Wow, big drop in unemployment rate to 8.4%.

And that was for good reasons as LFPR went up.

EPOP up by 1.4 percentage points!

Private-sector payrolls up by 1 million in August, had risen by 1.5 million in July, 4.7 in June. A continued deceleration

The slowdown in payroll gains is very clear for leisure and hospitality.

+174k in August, from +621 in July, and just under 2 million in June.

Payroll employment is still 7.6% below February levels.

Bounce back looking less and less v-shaped.

The headline unemployment rate dropped, but permanent job loss unemployment ticked up.

A nice increase in prime-age employment rate but still *FAR* below what we were seeing before the pandemic.

Not only did flows into a job moved up, but moves out of employment moved down as well.

With the slowdown in leisure & hospitality payroll growth, the cumulative hit to that sector is still huge. Down almost 25% since Feb.

Gains in August were again tilted toward lower-wage industries, but the cumulative hit is still larger for industries that pay less on average.

Core unemployment ticked up in August after falling a bit last month. https://twitter.com/JedKolko/status/1301861996552306689